Blog Post: Day 47 of $QQQ short term up-trend, Monday will tell us if this short term up-trend has ended; the GMI is still Green

GMI5/6
GMI-24/9
T210854%

I have observed that during the post-earnings release period, like now,  the market often declines, setting up for the advance when the next quarter’s earnings are released. If the QQQ short term trend turns down on Monday, I will wait on the sidelines until it bounces. QQQ is not really down enough to be oversold but it could still turn up here. It is also right on the lower 15.2 daily Bollinger band, an area of support. Better for me to wait to see if QQQ holds. If it does not, the next line of support is the 50 day average, shown by the green dotted line. Next is the green line. Of concern to me are the red spikes in trading volume on recent down days. Also, QQQ has closed up on only 3 of the last 10 trading days. Beware!

The GMI, which measures the longer term trend, is still Green, registering 5, of 6. Note in GMI2 section that the daily 10.1 stochastic is <20, indicating short term oversold. Declines are more likely to end, however, when QQQ’s daily 10.4 stochastic, currently 39,  is <20.

Blog Post: Day 42 of $QQQ short term up-trend; GMI remains Green and registers 6 (of 6); $QQQ remains in a short term up-trend but found resistance on Friday at its upper 15.2 daily Bollinger Band; waiting for dots, see daily chart

GMI6/6
GMI-24/9
T210860%

Friday’s decline came on markedly increased trading volume.  With earnings season over we may get a post-earnings lull until late March? A black or blue or green dot (oversold bounce) might signal the beginning of a new move up.  Time will only tell…. Check out my dot indicators by going to the Webinars tab on this blog and selecting my 2024 Meetup presentation.

Blog Post: Day 37 of $QQQ short term up-trend; My scan of the best performing stocks that were at least 1.9x their price a year ago and reached an ATH within the past 10 weeks yielded these 23 stocks

GMI6/6
GMI-27/9
T210855%

These are worth researching. They all reached an ATH in the past 10 weeks, have a weekly 10.4 stochastics>=80 for at least the past 10 consecutive weeks and come from my watchlist of IBD/MS stocks. The list is sorted by current price/price 250 days ago.

The GMI is Green and registers 6 (of 6).