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