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Blog Post: Day 12 of $QQQ short term down-trend; 29 US new highs and 167 lows; $QQQ is finding support right at its trend channel line (TCL, thanks to @TCLTRader), see daily chart

@ 10:06 pm
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GMI-23/9
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Vas, from @TCLTrader, comes to my class each year to teach his technical analysis based on the works of Al Brooks. Vas draws trend channel lines, TCLs,  below a down-trend as I have drawn in the daily chart below. It is amazing how some TCLs predict in advance exactly where support or resistance occurs. You can learn Vas’ techniques by attending  online the Northern Virginia IBD monthly MeetUps. The blue arrows designate the sentiment survey (% saying QQQ will rise near term) from my weekly undergraduate class.

Blog Post: Day 11 of $QQQ short term down-trend; Put/call ratio=1.31 and T2108 hit 12.6 daily low–tradable oversold bounce likely as earnings are released next week; see also my list of 6 stocks hitting an ATH on Wednesday and weekly chart of $SKWD

@ 9:50 pm
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The unusually high put/call ratio, the low T2108 value, plus the fact that earnings are coming next week suggest to me that we are about to experience a meaningful bounce. 89% of the Nasdaq 100 stocks rose on Wednesday, the highest percentage since August 29 (91%). These 6 stocks on my IBD/MS recent watchlist hit an ATH on Wednesday. They are sorted by price/lowest price last 250 days. SKWD has no value (…) because it is a recent IPO. See its promising weekly chart below.