$QQQ short term up-trend reaches 65th day, still cautious

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IBD went back to call the market in a resumed up-trend.   As I said yesterday, the QQQ was on critical support and could bounce.   And AAPL re-took its 10 week average. The QQQ’s rise occurred on lower volume than the preceding day’s decline, however.   Only 68% of all stocks rose, compared with 89% of the Nasdaq 100 stocks.   There were only 246 new 52 week highs in my   universe of almost 6,000 stocks on Tuesday, compared with more than 300 on each of the days before Tuesday’s rally. So this advance was not as deep as one might think and was concentrated in the tech stocks.     While I took on more long positions on Tuesday, I am ready to exit if this rally fades.

 

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