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These stocks all hit an ATH this week and bounced up off of their rising 4 week averages. The seven flagged stocks are on my IBD/MarketSmith watchlist.

Here is the daily chart of STLD which came back above  its green line to an ATH. It has a composite rating of 98.

The oversold rally has begun. Is it the bottom or a dead cat bounce?  No one knows. I am a trend follower. I will wait until the major indexes retake their 30 week averages and  turn up in  new Stage 2 up-trends and the GMI turns Green.  I therefore remain on the sideline. Here are the weekly and daily GMMA charts of QQQ. QQQ remains in a Stage 4 down-trend and in a daily BWR down-trend. I have seen bear markets begin after the index returned to the declining 30 week average (red solid line). Then the real decline began.

Here is the 2020 bottom. I want to see a daily RWB up-trend when all of the short term red averages rise above the blue longer term averages. The greatest trader, Jesse Livermore, said it was his sitting tight and not his trading that determined his success.

Note that all of these are above their last green line tops. I wonder if the medical distribution index is reflecting the sale of medical goods for Ukraine? or a new COVID variant outbreak on the horizon?