I wish I had the discipline to trade the triple leveraged ETFs, TQQQ and SQQQ, based on my QQQ short term trend count.
Blog: Modified Daily Guppy chart shows the current trend for $QQQ. QQQ is very oversold with Friday’s SFS (super fast stochastic) below 10. So QQQ may bounce this week. GMI remains RED, however. See Guppy charts for QQQ, AAPL, JNJ and the GMI table.
Modified Guppy chart tells the story. Best time to trade QQQ type stocks is when the index is in a RWB up-trend with all Red shorter term averages climbing well above the Blue longer term averages with a White space between them. The RWB pattern was evident from mid-April to early June and trading break-outs in tech stocks worked very well for me. The dotted line shows the daily closes. In a solid up-trend it leads all of the averages higher. The dotted line is now declining below all of the averages. When we get a close above all of the averages, and a RWB, we might see a meaningful change in trend.The market’s behavior reveals all.
Modified Guppy charts also work for stocks!! Before I buy or sell, I always check out the modified daily Guppy charts.
