QQQ looks like it hit a stone wall at the descending trend line on the daily chart.
However, the 10:30 weekly chart is still in a longer term Stage 2 up-trend. Stay tuned…..
The GMI is at 2 (of 6) and on a Red signal.
General Market Index (GMI) table
Blog Post: Day 13 of $QQQ short term down-trend; IBD calls market back in confirmed up-trend after follow through day; My 10:30 weekly charts show $QQQ and $SPY still in Stage 2 up-trends, see charts and list of 21 stocks with weekly green bar
Note that the 10 week average remains above the 30 week average. I am looking for this ETF to climb back above its 10 week average and for that average to turn up. For now, I remain partially invested in growth mutual funds in my university pension accounts. The gray line tracks the weekly closes.
SPY is a little weaker.
These 21 stocks had a weekly green bar last week (recent ATH and 4wk>10wk>30wk and bounced up off of rising 4 wk and 20 wk high in RS) and are worth monitoring. They are sorted by price/lowest price past 250 days.
The GMI= 2 (of 6) and is still RED.
Blog Post: Day 8 of $QQQ short term down-trend; 38 new US highs and 65 lows; $QQQ remains in a longer term Stage 2 up-trend, but not $DIA and maybe not $SPY; With GMI=1 and Red, it is time to be very defensive and maybe in a little $SQQQ, see daily charts of QQQ and SQQQ, but will last week’s bounce hold?
QQQ remains in a short term down-trend. One way to play this is to own a little SQQQ, a 3x leveraged bearish ETF, that rises when QQQ falls. But we need to be nimble because many down markets have ended in October. As the Sell in May saying says, return on Halloween. Let’s see first if last week’s bounce holds. It may present an opportunity to get into SQQQ a little lower.
