Stock Market Technical Indicators & Analysis
My adapted Guppy chart shows that a BWR down-trend pattern may be forming. Until QQQ closes (shown by dotted line) above all 12 of the red/blue averages, I will not go long TQQQ, or buy any Nasdaq 100 stocks. Look at the turnaround pattern that occurred last May. The key to success is to not go long until AFTER an up-trend is apparent. Access my blog at: www.wishingwealthblog.com.
The GMI remains GREEN at 4 of 6. The weekly 10.4 stochastic is only at 68. Strong up-trends remain above 80.
Roughly 40% of new short term down-trends end in 5 days or less. Once it passes 5 days I become more confident of the change in trend. Note the higher volume recently on the down days. My GMI is still on a Green signal. So I wait on the sidelines in my trading accounts and invested in mutual funds in my longer term retirement accounts.
I am waiting to see if QQQ and tech stocks can make up for the high volume distribution day last Thursday, designated by arrows. QQQ looks extended to me on a weekly chart. But the GMI remains Green and strong. I may buy TQQQ in my trading account on a good bounce up off of support. I still am holding mutual funds in my retirement accounts.
Screenshot
