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SPY and QQQ have become very oversold and are right on their key rising 30 day averages. Wednesday’s action should tell me whether they will hold. If not, the QQQ short term up-trend could end Thursday.

This chart shows today’s price hitting the 30 day average (red solid line).

The same is true of SPY.

Both indexes have daily 10.1 stochastics well under 20, a level where they often bounce. If QQQ holds the 30 day I will buy a little TQQQ on a bounce. These indexes are also close to their bottom 15.2 daily Bollinger bands, another place where they tend to find support.

I am finding so many stocks to buy! We must focus on the current movement of the market and ignore the noise from the news and media pundits. I am slowly starting to reinvest my university pension accounts into mutual funds. I had transferred to money market funds in November, 2021. It is important to focus on the present and not back on the past. With the GMI=6 and the QQQ short term trend up, I am much more confident to wade back into this market. SPY is likely to close its 4th week above its 30 week average, and DIA is completing its 6th!   QQQ is lagging and working on its first week. Bottom line is Stage 4 declines in these indexes may be ending! See weekly charts. If the indexes retreat to below their 30 week averages (red solid line) I will exit.

These are stocks on my watchlist of stocks recently on an IBD or MarketSmith list that reached an ATH on Wednesday. Of these, the following had a GLB or retook their green line on Wednesday: FN, ACHC, TRV, ABC, HALO, PFGC, CTAS, TITN, CB, JBL

Note the volume on TRV.