SPY is turning into an RWB up-trend. Check out this daily Guppy chart.
With the GMI at 4 it will only take another good day on Wednesday for the GMI to issue a Buy signal. I closed out my shorts and went a little long on Tuesday. Those who follow my tweets already know this. If you want to follow my rare intraday tweets, sign up at: @wishingwealth
The short term trend may also turn up on Wednesday. This daily Guppy chart for the QQQ shows that it has now closed back above all 12 moving averages. The close is portrayed by the gray dotted line. It is safest to trade with the trend…..
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With the put/call ratio on Thursday at 1.19, there will likely be an up day on Friday. Also, the major market indexes I monitor all bounced up from their lower 15.2 daily Bollinger Bands on Friday. Check out this daily chart of the QQQ. With the GMI at 0, I remain in cash and a little short.