60th day of QQQ short term up-trend; T2108 weakens

GMI5/6
GMI-26/8
T210849%

GMI declined to 5 (of 6) and the T2108 is back to 49%.   There were less than 100 new highs on Thursday. I still suspect that this decline will lead to a nice rebound into the close of the first quarter next week.   But it is important not to become attached to a made up scenario.   I remain long, except for gold,   and will have to wait for the near term resolution.   If we do get a bounce up next week, chances are we will see weakness the following 5-10 days as we wait for first quarter earnings to be released. The earnings releases will then set the market tone for the next month. While we have had as long as 80+ days of a short term QQQ up-trend before, they are relatively rare.   So this up-trend may be closer to the end than I suspect.

 

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