Stock Market Technical Indicators & Analysis
Dr. Wish Even as many stocks are weakening many stocks hit ATHs (all-time-highs) on Tuesday and these 2 had a GLB (green line break-out) into new high ground after consolidating for at least 3 months. Note the above average volume. Each reported earnings on Tuesday. They are worth investigating. A close below the green line would be a failed GLB and reason to exit. Note the black dots showing oversold bounces.
Here are their monthly charts.
There are a lot more spikes in volume on down days (red), not what I would like to see. A lot of news yet to come this week.
Another flat or down day for QQQ on Monday will end the QQQ short term up-trend after 68 days. But about 40% of QQQ short term down trends end in 5 days or less and QQQ’s longer term trend remains up. This 10:30 weekly chart shows that QQQ is in a strong longer term up-trend with the 10 week average rising above the rising 30 week average for its 23rd week. I would become more defensive if the weekly close (gray line) should decline below the 30 week average (red line).
It is disconcerting that AAPL failed its GLB (green line break-out to ATH) on above average volume on Friday.
The GMI has now declined to 4 (of 6).
