QQQ regained its upward sloping channel.
JNJ had a green line break-out to an all-time high (GLB) on Tuesday. Here is its weekly chart.
Dr. Wish
35th day of $QQQ short term up-trend
But GMI-2 is at 3 (of 8) showing short term weakness. The QQQ has closed below its channel. (see yesterday’s post)
Earnings begin; will $QQQ break out of its channel?
Will the market rise with earnings coming? While reporting companies can blame their past weak results on the strong dollar, maybe they will forecast better results this quarter, with the dollar weakening. The QQQ is in a tight channel. If this channel fails to hold, I expect support at the lower 15.2 Bollinger Band, around 106.44. If this level were to fail, I would expect more weakness. But the rising 30 day average (red line) is an important sign of strength.
The GMI is at 4 (of 6) and still on a Buy signal.
