7th day of QQQQ short term down-trend; in cash and QID but T2108 is near oversold; LULU holds

GMI1/6
GMI-21/8
T210828%

The down-trend continued and the T2108 fell to 28% on Wednesday, not far from the area where bottoms occur. I remain in cash and in QID until the trend turns up. With the T2108 near oversold territory this is not the time for me to add to my short positions.

By the way, LULU, which I have written about several times, has held support during this decline.   Note the daily chart below. (Click on chart to enlarge.) Prior resistance level (note the horizontal line) has now become support, just below $74. To me, any stock in a strong up-trend that held during the recent decline has shown high relative strength and is therefore very promising. When the market strengthens, LULU may take off. LULU reports earnings on Thursday, March 17th.

1 thought on “7th day of QQQQ short term down-trend; in cash and QID but T2108 is near oversold; LULU holds”

  1. Why a stock like LULU behaves that way? EPS came out today with flying colors, much higher than expected, but instead of going up, it went DOWN!! Reason? Normally when EPS is declared higher, the stock price shoots up!

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