Wishing Wealth Blog

QQQ continues to decline within the downward sloping channel I described in my post last night. Another sign of potential weakness is the fact that AAPL closed Thursday again below its green line. AAPL had a GLB on 11/29. The green line top was at 237.23.  After a recent GLB failure, the attempt to stay back above its green line has failed on above average volume. NVDA is also below its recent green line top, see weekly chart. A close below its 30 week average (red line) could be ominous.

If you have been invited to attend the Minervini Gala this weekend, I hope you will say hello. I will not post again until early next week. My trading accounts are in cash or TBIL. Be careful.

QQQ has found support at its lower 2.15 Bollinger Band again but it remains in a descending channel. A convincing close above this upper channel, now around 522-23 would suggest to me a real change in trend. Or is this an earnings release rally that will fade after most earnings are out? A post release lull is common. Stay tuned….I will be presenting about GLBs at the Minervini Birthday Gala late Friday. Come say hello.

A daily RWB (red/white/blue) is a pattern of an advancing stock. In a daily RWB up-trend, the daily close (dotted line) leads all 12 short (red) and longer term (blue) averages higher, with a white space between them. Clearly, AAPL is no longer in a daily RWB up-trend.

TSLA’s daily RWB up-trend has also ended.

As has NVDA’s.