Stock Market Technical Indicators & Analysis
We had many US stocks at 52 week highs and at ATHs on Thursday. But QQQ and SPY are weakening.The daily Guppy chart shows the lateral movement in QQQ, compared with the nice prior up-trend. In early July, when 2nd quarter earnings come out we may see a rise, or we may not. Just in case, I nibbled at SQQQ. Time will tell.
Gray line shows close. A close below 4 wk is first sign of weakness. Let’s see if 10 week average holds. We may be in the post earnings release weakness period which might end in July with the 2nd quarter earnings period.
I am back from a short trip. During that time the QQQ short term up-trend ended after 43 days, then began a 2 day down-trend and then started a new up-trend on Friday. As difficult as it is for me to accept, my instruments are strongly positive. I fly by instrument. It is time to be invested long and I may buy a little TQQQ. By the way, the Mag 7 stocks do not look strong. Their daily RWB up-trend is over, see chart.
Here is the GMI table.
The MAGS no longer has a daily RWB up-trend. The ETF closed below all of the 12 daily averages.
