I usually trust a change in the short term trend when it reaches 5 days. This weekly chart shows that the QQQ remains in a yellow band up-trend. So, the longer term trend remains up.
MCD has been in a terrific yellow band up-trend since January!
The QQQ short term trend will turn up if we get a level or up move in that ETF on Thursday. The nontech stocks are doing much less well. The T2108 is at 47%, lowest since June 7 when it also hit 47%. T2108 measures the percentage of NYSE stocks that closed above their simple 40 day average price. This weekly chart of the commodity ETF, DBC, shows them heading down again, perhaps to test the January, 2016 lows.
And treasury bonds are climbing, suggesting that traders are scared and seeking safety or predicting a weak economy. As TLT rises, longer term interest rates are declining.
One note of strength–biotechs at 2 year highs!