IBD becomes more cautious about up-trend; 17th day of QQQ short term down-trend

GMI0/6
GMI-20/8
T210817%

According to IBD, Thursday was a distribution day and when that occurs within 2 days of a follow-through day, the up-trend fails “95% of the time.”   My indicators show that the QQQ short term down-trend completed its 17th day on Thursday.   This market remains treacherous and it is good to be on the sidelines in cash. It will be interesting to see if Uncle Ben can rescue this market on Friday. Irene may have something to say about that too.

4 thoughts on “IBD becomes more cautious about up-trend; 17th day of QQQ short term down-trend”

  1. This market went down based on FEAR; not like that one in 2008. And fear dissipates quickly. Majority of companies fundamentals are sound, solid, and improving, such as LULU and AH. So, my 20 cents guess is it will go back up quickly. I’ve picked mine and I am sticking with them.

  2. good luck Mark. you’ll need it as we’ve begun a bear market. not many stocks will fight successfully against the prevailing downtrend.

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