Stock Market Technical Indicators & Analysis
The short (red) and longer term averages (blue) have converged with no white space between them. The RWB up-trend is over. I am holding a little SQQQ and cash (in TBIL) in my trading account. Be careful and limit losses! If the new down-trend exceeds 5 days I will accumulate SQQQ. Beware a possible BWR down-trend.
The GMI=2 and could flash RED on Monday.
Many tech leaders are being slaughtered. Many breakouys are failing. Not just techs are weak. See this failed GLB by AMZN after its large volume earnings gap up on 10/31. To remain a successful GLB, the stock must not close back below the green line. I am mainly in cash in my trading accounts, while holding a little SQQQ. I will add more SQQQ with continued weakness in QQQ on Friday and the start of a short term down-trend. I will accumulate SQQQ very slowly. Many new QQQ short term down-trends have ended within 5 days. I will add more after 5 days or go back to TQQQ with the start of a new short term up-trend. GMI is down to 3 (of 6).
