The bottom seems to be holding and the 8 EMA (dotted line) is now above the 21 EMA on this daily chart. Will it hold or break down like it did in December? Only time will tell.
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Blog Post: Day 1 of new $QQQ short term up-trend; Many break-outs occurring, 28 US stocks at ATHs; market bottom may be in?
With a new QQQ short term up-trend in place, I bought a little TQQQ. I will add to my position if this up-trend lasts 5 days. This weekly chart shows that QQQ has held its October bottom, at least for now. And its 30 week average (red solid line) is leveling off. This market may really turn up. But better to wait for the definitive signal than to anticipate one before it develops.
Blog Post: Day 17 of $QQQ short term down-trend, may end on Thursday; Dow stock $CAT holding recent GLB, see monthly and daily charts
I draw a green line on a monthly chart at a peak price that is not exceeded for at least 3 months. When it eventually closes above the green line it is a GLB, or green line break-out. Think of it as a stock that reaches an all-time high (ATH), rests, and then breaks out again. As long as the stock closes above the green line, I hold it. I sell if it closes any day back below the green line. CAT had a recent GLB. See its monthly and daily charts. The strongest stocks trade at ATHs, especially after a bear market. I don’t buy fallen angels. (The red dots on the daily chart show when a stock may meet resistance at its upper 15.2 daily Bollinger band.)
