Dr. Wish

3rd day of $QQQ short term up-trend

@ 9:38 pm
GMI3/6
GMI-27/9
T210859%

QQQ regained its 10 week average but we are not out of the woods yet.   Still, the QQQ held steady on Monday, perhaps reflecting continued strength in AAPL. Here is an update of last night’s daily chart of QQQ. The QQQ closed Monday just above the top channel line. Meanwhile, the GMI fell below 4 again.

QQQdaily05052014

 

2nd day of $QQQ short term up-trend; important test coming on Monday

@ 8:09 pm
GMI5/6
GMI-25/9
T210860%

The new short term up-trend must last 5 days for me to trade it with a significant position.   About one quarter of short term up-trends since 2006 end within 5 days. This daily chart of the QQQ shows that the ETF has closely tracked between   two green trend lines.   For this short term up-trend to continue, the QQQ must break above and stay above the higher line early this week.   If not, it is likely to re-test the lower trend line, which would be a relatively large decline. Stay tuned….

DailyQQQ05022014

 

While the GMI is at 5 and on a buy signal, the QQQ is just below its critical 10 week average.

GMI05022014