GMI=2, stays Red; Cash is king

GMI2/6
GMI-24/8
T210831%

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.

 

 

$QQQ still in daily BWR down-trend; 11 stocks hit ATH: $AMED, $SHEN, $AXP, $MSI, $LHCG, $UNH, $OMCL, $VCRA, $GBCI, $YETI, $HELE

GMI1/6
GMI-24/8
T210843%

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.