Dr. Wish

Blog Post: Day 14 of the $QQQ short term up-trend; $QQQ is still in a daily RWB up-trend, and $GLD is no longer extended, see charts

@ 7:54 pm
GMI5/6
GMI-25/9
T210861%

Guppy chart shows that QQQ is still in a daily RWB up-trend and its weekly chart shows that GLD kissed the 4 wk avg, as I had opined. Having bounced up off of its 4wk avg, GLD is no longer extended and may be a weekly green bar signal. Note all of the prior weekly green bars.

GLD is no longer  extended. See arrow where current weekly bar low came back and kissed the 4 wk avg.

 

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Blog Post: Day 12 of $QQQ short term up-trend; $AGX had GLB 4 weeks ago and a weekly green bar setup last week; it must hold last week’s low

@ 9:27 pm
GMI6/6
GMI-27/9
T210867%

I teach my students that if they miss buying at the time of a GLB, a possible place to buy is when the stock subsequently has a weekly green bar setup. This means that the 4wk>10wk>30 wk and the 4 wk is rising and it had a 20 week high in RS (SPY). The stop loss would be placed just below that week’s low. This assumes one also likes the fundamentals.

The GMI remains 6 (of 6) and on a Green signal.
Screenshot

Blog Post: Day 11 of $QQQ short term up-trend; My stock buddy, Judy, taught me that when the weekly price bar is floating above its rising 4 wk average it can be a sign of being extended, see examples in this chart of $GLD

@ 7:25 pm
GMI6/6
GMI-27/9
T210863%

Note the floating bars in the circles. Is GLD extended now? Time will tell. I do not initiate purchases when a rising stock shows this pattern. Stocks often return to the 4 wk average and kiss it or form a top after the week of the float.

Screenshot