Stock Market Technical Indicators & Analysis
Dr. Wish The three index ETFs failed to hold their recent green line break-outs (GLB) to all-time highs. Failure of a GLB can be a serious sign of impending near term technical weakness. Tuesday was the 82nd day of the QQQ short term up-trend and is approaching the longest short term up-trend (88 days) since 1990. This fact, alone, suggested to me that we would experience some weakness. Tuesday’s high volume decline indicates an IBD type distribution day.
Between Sell in May and the 80th day of the current QQQ short term up-trend, we may see some weakness shortly. Or is it just caused by the President’s tweets about the China talk? It will be a major sign of technical weakness if the recent GLB (187.52) does not hold.
The recent pet care ETF IPO, PAWZ, had a GLB last week. Having inherited a wonderful mini labradoodle from my late sister, I now know personally how much people spend on their pets.
The GMI remains strong at 6 (of 6).
