Only 29% of Nasdaq 100 stocks rose on Tuesday. I sold my small position in TQQQ and will wait for a QQQ short term down-trend to consider buying SQQQ.
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Blog Post: Day 69 of $QQQ short term up-trend; Support has held with a Blue Dot and the short term up-trend continues, for now; see daily chart and my strategy..
The blue dot and bounce up off of the lower 15.2 daily Bollinger Band pattern contained the decline like it did on June 23, at least for now. See my recent presentation at Day 6 of the TraderLion Conference 25 for an explanation of the Blue Dot of Happiness setup. The GMI rose to 5 (of 6). I held my breath and nibbled at TQQQ near the close. Because it is near the bounce, I will have a small loss if the bounce fails. If the up-trend continues I will gradually accumulate TQQQ.
Blog Post: Day 67 of $QQQ short term up-trend but $QQQ and $SPY close below 8 EMA for first time since June 20; getting defensive.
QQQ and SPY had large volume declines from ATHs, distribution days, on Thursday. Only 19 of the Nasdaq 100 stocks rose, the least since 14 on June 17. There were 80 new yearly lows among 6,217 US stocks, the most since 90 last April. I am not taking on more risk and may raise stops on Friday. Here is the daily chart with illustrative arrows for QQQ. The strong recent up-trends in these indexes may be ending.
