Posted Monday, March 8, 2010 @ 7:00 am by Dr. Wish
AAPL breaks out–T2108 near peak? Tech up-trend looks strong.
The market closed strong on Friday, as AAPL broke out to a new high. Technology is where the action is right now. However, one caution flag is that the T2108 is now at 81%, very near to being in overbought territory. Last May, the T2108 reached a peak at 92%. Meanwhile, the GMI
remains at the maximum of 6 and the GMI-R, at 10. 
The QQQQ and SPY have now closed back above their 10 week averages, a critical sign of strength. There were 527 new highs in my universe of 4,000 stocks on Friday, the largest number since January 11. 89% of the NASDAQ 100 stocks closed with their MACD above their signal lines. This looks like a good time to ride the new short term up-trend in tech stocks, which completed its 11th day on Friday.
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