Blog Post: Day 51 of $QQQ short term up-trend; 70 new US highs, 105 lows and 15 at ATHs; $QQQ has now returned to support at its 4 wk average; the up-trend is still intact, see weekly chart and analysis.

@ 10:27 pm
GMI4/6
GMI-24/9
T210828%

$QQQ was floating well above its rising 4 wk average (red dotted line) last week. That is a sign of being extended. This week it has returned to this important line of support. We have to see if it will close the week above this line. If it fails to, the next line of support is the 10 week average (blue dotted line). A failure to hold there would be a sign of significant weakness and a possible change in trend. I am mainly in cash in my trading account, having been stopped out of my positions.

Screenshot

Blog Post: Day 49 of $QQQ short term up-trend; $QQQ, $DIA and $SPY remain in RWB daily up-trends, but there were many new lows last week; the GMI=4 and Green, see table.

@ 8:19 pm
GMI4/6
GMI-26/9
T210832%
However, last week Wednesday (141), Thursday (149) and Friday  (130) had 130 or more new US yearly lows. On Friday there were only  86 highs. T2108 shows that only 32% of NYSE stocks closed above their 40 day averages. This market is very split with many stocks refusing to climb to new highs with the market averages. I have one foot out the door in my trading account. I am a chicken. But the old saying says to come back at Halloween!

 

Blog Post: Day 48 of $QQQ short term up-trend; Something is off: More new lows than highs, <50% of stocks advancing for days and and equal weighted market indexes are weaker than their large cap weighted indexes, masking the weakness among most stocks. $GLD oversold bounce?

@ 10:40 pm
GMI5/6
GMI-26/9
T210831%

I do not know how long this market can continue to rise based on the few stronger large cap stocks. Only 31% of NYSE stocks have closed today above their 40 day averages (T2108 indicator).  In contrast, 55% of the Nasdaq 100 stocks have closed above their 50 day averages. I bought a little GLD after it registered a Blue Dot of Happiness oversold bounce. If this bounce fails I will exit. Are people seeking refuge in gold again? My longer term market indicators remain bullish, however. GMI=5, and it is Halloween!