IREN has high volume advances and is trending with its 5 EMA. It is almost 5x its price a year ago. It has strong fundamentals, check it out. Below are its daily and monthly charts. It must not CLOSE below green line @28.25.
General Market Index (GMI) table
Blog Post: Day 9 of $QQQ short term up-trend; A most difficult and conflicted market, see daily chart of $QQQ and my thoughts.
My indictors in the GMI table below are all positive. But why are so many of my setups failing and why is this market so difficult. I think Darvas once said they shoot the generals first and then get around to killing the rest of the stocks. When NVDA and PLTR report good earnings and decline, it makes me worried. Then when I look at the chart of MSFT I see more weakness. AMZN, TSLA and AAPL have failed GLBs. But GOOGL had a recent successful GLB. The economic news is horrible and we have a looming government shutdown at the end of the month. If the Fed reduces rates, it could be seen as confirmation of a weak economy. And then GLD is climbing to the heavens, evidence that people are scared. So what to do? Follow the indicators or just lay low? Look at this daily chart of QQQ. QQQ hit a wall at the upper 15.2 daily Bollinger Band (BB) on Friday. The red dots on this chart mark days when the index bounced down off of the top BB. Will QQQ break through this week? If it does, this market is likely going higher. But note that the upper BB is declining.
Check out the strong GMI stats. Go figure.
Blog Post: Day 5 of $QQQ short term up-trend; But $QQQ raisng some serious concerns, see possible Head and Shoulders top pattern in daily chart; Charts of $DIA and $SPY tell quite a different story; But check out $GOOGL’s daily chart.
While the new $QQQ short term up-trend has reached Day 5, I am concerned by the daily chart. It looks like a possible head and shoulders top pattern is forming. I labeled the head and shoulders. Note also the recent red volume spikes on down days. The key for me will be whether QQQ can climb above the right shoulder, at 578. If it should instead decline towards the neckline, drawn in pink, and then close below it, I think QQQ could retrace to its recent green line top around 540. Note that neither SPY or DIA are showing similar topping patterns. In fact, $DIA recently had a GLB! (see daily chart)
Note the terrific volume on the day of the breakout. Is it also a cup with handle?
And SPY’s recent rise took it to an ATH!
$GOOGL held up beautifully in Friday’s decline, reaching an ATH and showing relative strength. Note its recent GLB. Must not close back below green line @207.05.
Meanwhile the GMI remains Green and registers 6 (of 6).
