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It takes a long time for the longer term trends to turn up. There were only 7 US stocks at ATHs on Thursday. If the QQQ short term down-trend ends Friday, I might nibble at TQQQ. However, I have found that about 25% of short term up-trends end within 5 days. My 10:30 weekly charts of the major market indexes are still weak. I would like to see the 10 week average cross above the 30 week average and the 30 week average to curve up for me to trust a significant new Stage 2 up-trend has begun. Look at this 10:30 weekly chart of SPY. In prior declining markets the indexes often rebounded back to the 10 week or 30 week average, only to begin a new larger decline. The 30 week average is still declining. Market declines often come after the earnings release period has ended. I do not predict bottoms. I only react after they have formed.

It will take time to learn whether the April bottom will hold. When the GMI turns Green, I will consider long positions again. The dotted line in the chart below is the daily close. The red lines are the shorter daily averages and the blue lines are the longer term daily averages.  BWR= red lines below blue lines with a white space separating them.

No wonder gold, GLD, has been on a rampage! See daily Guppy charts of UUP and GLD.