With the put/call ratio at 1.26 on Thursday, we should get at least a temporary bounce, if not the end of this decline on Friday
. There were only 244 new lows Thursday compared with over 400 on 2 days last week.
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$I –recent GLB at ATH plus a green dot signal
Any stock that can come through the past week at an all-time high (ATH) merits my attention. Note its recent green line break-out (GLB). And another green dot signal!!!!! Nice up volume too. But earnings come out on 10/25.
7th day of $QQQ short term down-trend
QQQ is in a daily BWR down-trend like last April.
With put/call ratio=1.2 and T2108=11, bounce coming
There has been so much technical damage done that I think it best to remain on the sidelines for now. Thursday was the 5th day of the new QQQ short term down-trend. There will likely be huge volatility for a while as the market retests Thursday’s lows. There were 479 new lows and 9 new highs on Thursday. However, the T2108 reached severely oversold levels, as shown in this weekly chart. I remain in cash.
