My indicators have now converged on the bullish side. The GMI and GMI-2 are each 6 (of 6) and the QQQ began a new short term up-trend. However, IBD still sees the market in a correction. Still, I am wading back into this market on the long side. Too may stocks I am watching are gaining strength. I bought some TQQQ on Monday and will buy more if the QQQ continues to rise.
Dr. Wish
Still conflicting signals; Worden workshop coming to DC area in March
The GMI is now on a Buy signal even while the QQQ just reached the 7th day of its short term down-trend. There were 240 new highs in my universe of about 5,000 stocks and 87 new lows on Friday. I am waiting to see whether the QQQ can mount a real rally or whether it will complete a head and shoulders top. Meanwhile, the DIA and SPY are in strong RWB weekly up-trends and approaching their all-time highs.
I will be attending the Worden training workshop in late March (3/22 or 3/23). Register for the free workshop at worden.com. This is how I learned how to use their wonderful TC2000 technical analysis software.
Conflicting signals
The QQQ short term down-trend reached the 6th day on Thursday, but the GMI signaled a new buy signal. I remain on the sidelines.