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The QQQ closed (dotted line) back below all 12 averages in the daily Guppy chart.

As did the SPY.

Will the prior lows hold? For now, cash is king! The time to be invested is when the red lines are rising above the blue lines (daily RWB pattern), as was the case for the QQQ most of the time since 2017.

And the weekly Guppy chart shows very clearly that the longer term trend of the QQQ has changed, with the weekly RWB up-trend pattern gone.

When the index ETFs have overbought daily 10.4 stochastics >90, it is likely at least a small decline is coming. On the other hand, the GMI=4 and could turn Green on Tuesday. The QQQ has closed (dotted line) above all of the 12 daily Guppy chart averages. The key to the market’s trend is what happens during the next decline.

This daily Guppy chart shows SPY approaching all of the longer moving averages (blue lines). SPY remains in a BWR pattern. Is it a double bottom?

While IBD announces new market up-trend after a follow through day on Wednesday, the daily Guppy chart still shows a BWR down-trend. A close (dotted line) above all of the blue lines (longer averages), currently around 192, would suggest a possible change in trend. More meaningful would be if all of the red lines could rise above the blue lines in an RWB up-trend pattern.

Select stocks hitting an ATH on Wednesday: AMED, SHEN, AXP, MSI, LHCG, UNH, OMCL, VCRA, GBCI, YETI, HELE. YETI reports earnings on Thursday.

Another high volume GLB to an ATH (see glossary). Who doesn’t like Cracker Barrel?! Earnings beat!

QQQ remains in a daily BWR down-trend.