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In spite of the short term down-trend, the QQQ has now closed above all 12 daily averages in my RWB chart (not shown). This weekly chart shows that QQQ is holding above its 30 week average (red line, Stage II) and is just below its 10 week average (purple dotted line). A close above this average (189.41) would be a significant show of technical strength. With the QQQ and SPY still in a Stage II up-trend, I remain invested in my long term pension mutual funds, but not in my shorter term trading accounts.

IWM is also below its critical 30 week average (not shown).

Dotted line is daily close. If red averages climb above blue, I will start buying QQQ again and selling weekly OTM calls against it.

SPY and DIA have closed below their 30 week averages.

Note critical support at 150 day average (lowest dotted line).