In spite of the short term down-trend, the QQQ has now closed above all 12 daily averages in my RWB chart (not shown). This weekly chart shows that QQQ is holding above its 30 week average (red line, Stage II) and is just below its 10 week average (purple dotted line). A close above this average (189.41) would be a significant show of technical strength. With the QQQ and SPY still in a Stage II up-trend, I remain invested in my long term pension mutual funds, but not in my shorter term trading accounts.
I like to compare the Daily Guppy chart to its weekly equivalent. The daily chart is in a down-trend while the weekly chart remains in a RWB up-trend. I therefore remain invested in my pension accounts which are long term but am in cash in my shorter term more nimble trading accounts. Check out the two chart patterns.
Weekly RWB pattern since last March!!! June decline and current one appear minor in a weekly chart.