This weekly chart shows that QQQ remains in a Stage II up-trend.
Dr. Wish
GMI on verge of turning Green; GLB: $SHAK
The markets appear to be strengthening. A solid day on Thursday could also create a new QQQ short term up-trend. A number of stocks look promising. After the excitement of SHAK’s IPO in January, 2015, the stock retreated from a high of 96.75 to a low of 30.12 in September 2017. SHAK has now had a GLB to an all-time high. This monthly chart shows the pattern. I often buy an IPO that forms a green line top when it eventually breaks above it.
The GLB actually occurred a few days ago, rested, and the stock took off on Wednesday. I bought some and will sell if the stock closes back below its green line. I tweeted about SHAK intraday on Wednesday. Sign up for my tweets: @wishingwealth
Bounce fails to break above resistance and GMI remains Red ; 22nd day of $QQQ short term down-trend
The future of the longer term up-trend depends on whether the QQQ can find support again at the 150 day moving average (lower purple dotted line). However, the most recent green dot signal is still operative. I am in cash in my trading accounts and waiting for Mr. Market to tip his hand.
An ominous sign is that the daily RWB up-trend has clearly ended. Will it turn into a BWR down-trend?
