19th day of $QQQ short term down-trend; $QQQ and $SPY look weak

GMI0/6
GMI-24/8
T210829%

IBD sees renewed up-trend. MY GMI and QQQ short term trend indicators are still pointing to a down-trend. For me, this rise remains a “dead cat bounce” until more of my indicators turn positive. A lot of technical resistance is just above current levels. By the way, I drew the lower horizontal line in this chart months before QQQ found support there in January. We likely will see at least a re-test of January’s lows.

01312016QQQ

The SPY continues to look quite weak, in a BWR down-trend.

SPY01312016The GMI remains at 0 (of 6) and on a Sell signal since December 10th.

GMI01292016

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