2nd day of $QQQ short term up-trend; important test coming on Monday

GMI5/6
GMI-25/8
T210860%

The new short term up-trend must last 5 days for me to trade it with a significant position.   About one quarter of short term up-trends since 2006 end within 5 days. This daily chart of the QQQ shows that the ETF has closely tracked between   two green trend lines.   For this short term up-trend to continue, the QQQ must break above and stay above the higher line early this week.   If not, it is likely to re-test the lower trend line, which would be a relatively large decline. Stay tuned….

DailyQQQ05022014

 

While the GMI is at 5 and on a buy signal, the QQQ is just below its critical 10 week average.

GMI05022014

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