We are in a period with the index going back and forth above and below its key moving average. That is why I prefer to trust a new trend only after it reaches the fifth day. Thursday was the first day of a new QQQ short term up-trend. All of this is happening within a longer term down-trend. I am still mainly in cash with a few small long positions.
Dr. Wish
Bullish and bearish adviser sentiment converges
With the latest poll showing almost as many bears as bulls, the market looks set to rally. It is rare for there to be so many bears. The T2108, at 31%, is also in neutral territory. This bottom may be solid. Nevertheless, I will still wait for higher GMI readings before I wade into this market.