New QQQQ short term up-tend? IBD100 stocks at new highs

GMI1/6
GMI-R4/10
T210841%

The Nasdaq 100 Index, as measured by the ETF, QQQQ, looks as if it started a new short term up-trend.   However, with the key moving averages being flat, I don’t trust these signals yet.   But I remain vigilant for signs of a turn.   There were   9 new highs and 107 new lows in my universe of 4,000 stocks   on Wednesday.   Interestingly, 60% of the Nasdaq 100 now have their MACD close above its signal line, the most since January 9th.   A rise of the MACD above its signal line often occurs before a trend turns up.   Four stocks at new highs were on my IBD100 lists: HMSY,MYGN,SXCI and CEPH.   These stocks should be watched for possible leadership in a sustained rally. Meanwhile, the GMI and GMI-R increased on Wednesday.   I prefer the GMI to be above 3 before I take large long positions.   I remain mainly in cash.

2 thoughts on “New QQQQ short term up-tend? IBD100 stocks at new highs”

  1. MYGN will not skyrocket until it comes down to fill the gap 72-79! In this zig-zag market, do you find any cup-handle that holds water?…because I don’t! 🙂

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