2nd day of new $QQQ short term up-trend

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My GMI sign post to the right may be wrong. The GMI went to a Buy at the close of   July 14.   The futures (light blue horizontal arrow on chart) suggest that QQQ will open around the top BB today. About 40% of the Nasdaq 100 stocks now have an over-bought stochastics. This bounce has been very rapid, up 4% in 5 days–unsustainable! Remember, the market always falls faster than it rises. A break to new all-time highs followed by a reversal would be a significant sign of a major top. IBD still sees market uptrend under pressure.

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1 thought on “2nd day of new $QQQ short term up-trend”

  1. The market indices for the most part have been in a choppy trading range for 4 or 5 months. The chart you show for QQQ is one example. Your GMI signals are correct far more than incorrect, so perhaps one of the attempts to move higher out of the range will eventually work. There is no way to know ahead of time but the long term trend is up.

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