GLB is a break-out above a green line top. Horizontal green line is drawn on a monthly chart at an all-time high not exceeded for at least 3 months. I only buy stocks trading above their last green line.
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Blog Post: Day 12 of $QQQ short term down-trend; $TDOC has been in a weekly BWR down-trend since May, $DBC in a weekly RWB up-trend, see charts
How could anyone stay in this stock after it entered a weekly BWR (blue/white/red) down-trend.
In contrast, commodities have been in a weekly RWB up-trend. GMMA charts are great for seeing the trend.
Blog Post: Day 11 of $QQQ short term down-trend; T2108, at 30%, is far above bottom territory, see monthly chart
Worden’s T2108 indicator is the percentage of NYSE stocks that have closed above their simple 40 day moving averages. T2108 is available in TC2000 and I list its value every time I post. I consider T2108 to be a pendulum of the market. I tell my students when T2108 falls to single digits they should back up the truck and buy a little SPY, not individual stocks. The market, SPY, will come back, but not all stocks will recover. Then they should buy more SPY only as it moves higher.
I am always afraid to take my own advice because when T2108 falls that low the financial news is horrible and everyone is scared. Now that I am in cash, I hope to take a deep breath, hold my nose and buy some SPY the next time it declines below 10. As this monthly chart shows, T2108 at 30% is far above the level it reaches when major declines have ended. So watch out below….
