Day 17 of $QQQ short term down-trend; Weekly chart of QQQ is very ominous. SPY and QQQ are in daily BWR down-trends. GMI=0. Cash remains king.
If QQQ cannot retake its 30 week average and the 30 wk average curves down, I will exit stocks in all accounts. This is the pattern that helped me to evade the declines in 2000 and 2008. It is possible that the current decline is just getting underway. NO ONE KNOWS FOR SURE WHAT THE MARKET WILL DO. I just play the odds based on my 60 years in the market. I remain mostly in TBIL or cash in my IRA. My first priority is to protect my capital.
The GMI=0. Trading breakouts is a high risk strategy right now.Last Friday only 9 US stocks out of 6,500+ reached an ATH. GLBs are failing.
Day 12 of $QQQ short term down-trend; GMI=2 and RED; QQQ is now below its critical 30 week average, see weekly chart.
If the 30 week average turns down I will exit the market in all of my retirement accounts. This signal got me out before the bulk of the 2000 and 2008 declines. Note that last April the 30 week average held.
