The head and shoulders top formation I have been talking about remains intact. Note that AAPL has been unable to get above its declining 30 week average (red line). This may be an ominous Stage IV decline forming.
Dr. Wish
35th day of $QQQ short term up-trend; QQQ-RWB up-trend; $NTES, $LOW, $KITE–possible GLB
Curiously, there were still more now lows than highs on Friday. This may be because the SPY and DIA are not as strong as the QQQ, which is composed mainly of nonfinancial tech stocks. The QQQ is clearly in the beginning of a RWB up-trend and heading to new highs.
But the SPY and DIA (not shown) are not as strong. The SPY is well below its summer peak and has no white separation between the shorter (red) and longer (blue) moving averages.
Still there are a lot of stocks breaking out and worthy of research. NTES is a recent GLB, as this weekly chart shows.
And LOW may be completing a cup and handle formation and a possible GLB.
I am keeping an eye on KITE for a possible GLB this week. KITE is presenting on their latest drug research at a December conference.
Meanwhile the GMI remains at 5 (of 6). Go to my December 2102 TC2000 free webinar (link to right or click here) to learn more about the GMI and my trading strategy.
34th day of $QQQ short term up-trend; EA rides Star Wars
I have been watching EA ever since my stock buddy, Judy, told me about their likely benefiting from their games with a Star Wars theme. When EA bounced from support on Thursday, I purchased some. EA may be retaking its green line break-out. If it breaks below support I will quickly sell. Star Wars comes out on December 18.
