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QQQ has found support at its lower 2.15 Bollinger Band again but it remains in a descending channel. A convincing close above this upper channel, now around 522-23 would suggest to me a real change in trend. Or is this an earnings release rally that will fade after most earnings are out? A post release lull is common. Stay tuned….I will be presenting about GLBs at the Minervini Birthday Gala late Friday. Come say hello.

A daily RWB (red/white/blue) is a pattern of an advancing stock. In a daily RWB up-trend, the daily close (dotted line) leads all 12 short (red) and longer term (blue) averages higher, with a white space between them. Clearly, AAPL is no longer in a daily RWB up-trend.

TSLA’s daily RWB up-trend has also ended.

As has NVDA’s.

Too many of my short term indicators have weakened for me to buy stocks near ATHs. When more stocks are reaching 52 week lows than highs it is a signal of weakness. I never try to predict the market. I only look at what Mr. Market is telling me now. The market remains above its rising 30 week average (red line). If it should close below that, my GMI will turn to 0 and I will start to transfer university retirement accounts to cash. Meanwhile, given that the $QQQ short term down-trend has lasted 6 days, I will slowly wade into SQQQ, the inverse ETF that rises 3x as much as QQQ declines. It also falls 3x as much as QQQ advances, so I always have one foot out the door. Below is the weekly chart of QQQ. QQQ has not been able to rebound much from its high volume decline 3 weeks ago, a sign of weakness. The 4 wk avg (red dotted) is close to declining below the 10 week average ( blue), and is another sign of weakness.