This is a schizoid market. My longer term indicator, the GMI, is at 4 and could turn Green with another day above 3. And the QQQ remains in a longer term Stage II up-trend. But my short term trend indicator for the QQQ is still down and in its 21st day (D-21). On Friday it looked like the QQQ was breaking through resistance, but it closed back below its important 30 day average. With futures down tonight, the indexes may slide at the open. But let’s give it time to discover whether the short term trend is about to close up. Note that September is historically the worst month for the market.
The solid red line is the 30 day moving average. Note Thursday’s green dot signal. A close above the 30 day average would be a bullish signal for me.
