Stock Market Technical Indicators & Analysis
The hourly GMMA chart shows that QQQ closed (dotted line) the last hour below all 12 averages. I nibbled at SQQQ. If the new short term down-trend reaches day 5, I will be more confident that it will be significant. Note the large volume at the end of the day. See the 10:30 Weekly chart. Cash is king right now.
Look at this ominous 10:30 Weekly chart of QQQ.
Health care plans seems to be strong with both CI and HUM hitting ATHs on Monday. Both had GLBs recently. CI had the largest increase in volume at its GLB. I tweeted about it on July 7, @WishingWealth. Why are heath care plans so strong? See monthly sector chart below.
Stocks near all-time highs (ATHs) with RS at 50 week highs are worth monitoring. All but 2 have a flag indicating they are in my watchlist of stocks recently on IBD and MS lists. They are sorted by current price divided by price 250 days ago. CI and HRMY had GLBs on above average weekly volume, see weekly charts.
My QQQ short term indicator has turned up, U-1. As the GMI table shows, however, the longer term trend remains down. Still, all long term up-trends come after the short term trend turns up. I do not know how long this short term up-trend will last. Nobody knows. I am more confident if it reaches 5 days. Still, I will nibble at TQQQ and sell immediately if the up-trend ends. I will be presenting next Saturday afternoon at the 2nd Annual TraderLion conference. Check out Day 2 at their youtube site.
