I want to see the GMI turn Green before I trade on the new QQQ up-trend. But notice the beginning of a daily RWB up-trend for QQQ.
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Blog post: Day 4 of $QQQ short term down-trend; 115 new highs and 26 new lows; But short term treasuries continue to fall, see charts of $SHY
If SHY declines, short term rates are rising. Fed meeting next week. Be careful. Was today a dead cat bounce for the markets?
Weekly chart.
Blog post: Day 3 of $QQQ short term down-trend; 71 new highs, 518 new US lows; Use daily modified GMMA chart to detect end of decline, see charts
This modified GMMA daily chart shows 6 shorter term exponential moving averages (red lines) and 6 longer term averages (blue lines). I have added a dotted line that shows each daily close. After a large decline, a close back above all of the averages (shown by arrows) can signal a new up-trend. Right now we would need a close of the QQQ above 391.68.
Here is end of 2020 COVID induced decline.
