Thursday was 9th day of the QQQ short term down-trend. However, the GMI could signal a Buy with a good close Friday. IBD now sees the market in a confirmed up-trend, invoking a rare 3 day follow-through day rule. Next week should tell if this amazing rebound will hold.
Dr. Wish
8th day of $QQQ short term down-trend; brick wall?
We shall now learn whether this market can hold up after the funds finish their end of quarter window dressing on Thursday. The GMI remains on Sell and IBD still sees market in correction. The QQQ has rebounded to its key declining weekly moving averages. It will be interesting to see if the QQQ now hits a brick wall. Check out this weekly chart.
7th day of $QQQ short term down-trend; also Stage 4?
This market still looks to me like a Stage 4 down-trend. It will take more than a low volume bounce to convince me that the worst is over. I am in cash in my trading account and going to cash in my university pension. There is plenty of opportunity to profit by owning stocks when an up-trend is evident. The name of the game is to conserve one’s capital.