The QQQQ is sitting on its 10 week average. A close below this critical average would be significant. The major indexes I follow (SPY, QQQQ) have been above their 10 week averages for about 26 weeks. I typically can make money in the market only when these indexes remain above their 10 week averages. I am in cash and still hold a position in gold. The longer term trends remain up and my university pension remains invested in mutual funds. The gold ETF, GLD, remains in a strong up-trend with the 4wkavg>10wkavg>30wkavg. Click on weekly chart to enlarge.
Gold has held the bullish RWB pattern for 2 years, with all short term averages (red) well above their longer term averages (blue).