Will not be posting again until Monday night.
General Market Index (GMI) table
Blog post: $QQQ had an above average volume down week and a failed GLB, but daily RWB up-trend still in place–very defensive, cash +$SQQQ
Note that the QQQ closed the week right on its 4 week average (pink dotted line) and on the precipice. There is no reason to be brave here with the futures predicting a swoon at the open. Failure to hold the GLB was a serious sign of technical weakness and could be a double top. Went to cash in my trading account and hold some SQQQ.
But we are still in a daily RWB up-trend.
$QQQ had GLB (green line break-out) last week, $T2108 above 90%!
Friday was 42nd day of the $QQQ short term up-trend. T2108 is about as high as it gets, but does not signal tops, only bottoms. Very important that QQQ hold its green line, at 237.47. Note that QQQ has closed above its 4 week average (pink dotted line) for 10 straight weeks. A weekly close below that average could indicate weakening of this strong up-trend.
GMI remains Green and at 6 (of 6).
