This has been a frustrating period for riding a trend in the QQQQ. Even though the GMI is 6, the QQQQ has made no progress since late November. 
It is in a horizontal channel with resistance around 44.71 and support around 43.33. Until one of these levels is decisively broken, it will be difficult to make money trading tech/growth stocks. Still, the Dow and S&P 500 type stocks remain in an old and weakening upward trend and it is there that I probably have the best chance of riding a trend. On Friday, 12% of the Nasdaq 100 stocks advanced along with 19% of the S&P 500 stocks and 13% of the Dow 30 stocks. There were 265 new highs in my universe of 4,000 stocks. The GMI-S fell to 63, with weakness in the short term indicators for the QQQQ and DIA on Friday. The QQQQ is back below its critical 10 week moving average. This is not the time to be brave and make large bets in either direction…
Nevertheless, I did find another stock that appears to have broken out of a cup with handle base of about nine months. NUAN (see weekly chart) has a large prior up-trend, 
and a close above the top of the handle (pivot point) on extraordinary volume last week. It will be interesting to see if NUAN can buck the malaise evident in the general tech indexes.
See my disclaimers at the bottom of this post.
