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We really should look at the daily and weekly modified Guppy chart before buying or selling anything. A RWB up-trend is when the 6 shorter term averages (red) are rising above the longer term averages (blue) so that there is a white band separating them. The dotted ine is the daily or weekly close, depending on the time frame charted.

We knew there would be a bounce back up from the large March decline. The key to the market’s direction will be whether the indexes can hold their March lows and retake their recent highs. See the modified daily Guppy chart of QQQ. Time will tell, but for now QQQ  remains in a BWR decline.

The 10 week average (blue dotted line) is close to declining below the 30 week average (red solid line), an ominous development. Note that QQQ has closed the gap below the 4 week average and is thus no longer oversold.

It is noteworthy when two stocks in a similar industry are zooming to ATHs in a weak market. Note their green lines and that they each closed (dotted line) above all 12 averages, in RWB up-trends. Note earnings release dates on each chart, 4/23 and 5/1. Check them out, and monthly charts below.

And monthly charts.