Stock Market Technical Indicators & Analysis
The gray dotted line is the daily close. All shorter term red averages are above the blue longer term averages with a white space between them (RWB) up-trend. If the new up-trend continues more than 5 days, I will accumulate more TQQQ. Many of my setups have begun to work again, a good sign of market strength. The GMI is back to 6 (of 6), another sign of strength.
I told you that 40% of new QQQ short term down-trends end within 5 days. This may be one! The longer term GMI has remained GREEN throughout this period. Let’s see if this Fed induced bounce will hold.
For many years I have posted an analysis showing how the 3x leveraged ETF, TQQQ, outperforms almost all individual stocks during my QQQ short term up-trends. Les Masonson has just published an extraordinary analysis of these ETFs and several TQQQ trading strategies.This book should be in every trader’s library. While I knew how solid Les’ prior books have been, I was unprepared to read the extensive backtesting and analyses of leveraged ETF trends and their history that this book provides. I had no idea there were so many different ETFs based on QQQ. You can read my review of the book on Amazon.
There were so many stocks that bounced from oversold on Friday. I am waiting to see which have a nice follow through this week. If we get a new QQQ short term up-trend, I may gradually accumulate TQQQ.
While many leading stocks are weak, the money is moving into a number of other stocks. Among 6,281 stocks, 24 reached an ATH on Thursday. This list of them is sorted by industry and may contain some new winners. The daily charts of the 3 biotechs are very strong.
