Blog Post: GMI remains Green but it is Day 3 of new $QQQ short term down-trend; Gold ($GLD) may be turning up, see daily chart

GMI4/6
GMI-23/9
T210845%

This daily chart shows that GLD has now retaken its 8 EMA (dotted line) for the first time since February 1, at the recent top. Volume was above average the past 2 days as it rose. It bears watching to see if GLD can mount a new rise. The next hurdle is the 21 EMA (solid line). Note during the December and January rise, the 8 EMA consistently rose above the 21 EMA. The 8 EMA leads the way.

 

 

Blog Post: Day 30 of $QQQ short term up-trend, it may end Monday; 64 US new highs Friday and 176 lows; GMI close to turning RED, but I wait for signal–do not jump the gun

GMI4/6
GMI-23/9
T210848%

I will buy a little SQQQ if the QQQ short term up-trend ends on Monday. Most ominous is the fact that SPY has now closed below its 10 week average. Also, the 10.4 fast weekly stochastic has now crossed below the slow stochastic for SPY, DIA and QQQ. A weak day on Monday would likely reduce the GMI to 2 (of 6). Two consecutive days with the GMI below 3 would turn it Red. All of these technical indicators are picking up a possible change to down in the longer term trends. Many indicators are oversold and the market might hold and bounce. Wait to see!!!!