A lot of stocks have bounced off of support and it is possible that the QQQ short term trend could reverse up on Thursday. Need to get ready to jump back on this train if it does. Longer term Yellowband up-trend is still intact!
Dr. Wish
New $QQQ short term down-trend; watching $SQQQ
I usually wait for a new QQQ short term trend to last 5 days before I trade it. If the down-trend persists I will wade into SQQQ. Note the daily RWB pattern for QQQ is just about over.
Tech destruction ominous–$QQQ short term up-trend to end–on sidelines
The QQQ short term up-trend will likely end today. I am on the sidelines in my trading accounts, watching the carnage in the growth stocks that have led the market up. Look at this daily chart of the leader, NVDA, as an example. Note the high volume selling as support has failed.
The daily RWB pattern is gone.
But the longer term up-trend in the general market is still intact, as evidenced by the GMI, still at 6 (of 6).