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I wrote on June 26 about LLY having a possible blockbuster drug for obesity and about its strong technicals. Since then, LLY has resisted market weakness and hit another ATH today. I continue to hold a small position in this stock and am monitoring it closely for signs that the big funds are buying, in anticipation of continuing good results from their clinical trial. Bad results would likely decimate the stock.

A nice daily RWB pattern.

And a strong monthly chart with multiple GLBs.

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I created a simple scan in TC2000 looking for stocks over $15 that rose today with their highest trading volume in 50 days. Two stocks in my watchlist of 811 stocks mentioned in IBD50 or MS Growth250 lists came up. One of them, CHEF, looks worth monitoring because it is near its ATH and green line top. I placed an alert in TC2000 to text me the moment that CHEF trades at a new  ATH, $42.17. According to  MarketSmith, the last 4 quarterly earnings were  up triple digits and sales growth was up 83%-111%. Composite rating =96 and RS=97, not too shabby. A stock with great fundamentals  that is showing technical strength during a prolonged market decline could prove to be an emerging true market leader (TML) when the market turns.  Below are daily, weekly and monthly charts. My compliments to the CHEF!

QQQ met resistance again at its 10 week average (dotted line). Stage 4 decline continues. Why do so many people think they have to be in the market or try to catch the bottom? Being in cash is so satisfying. Plenty of time to get in and profit once QQQ retakes its 30 week average (red line).