IBD still sees the market in a confirmed up-trend. I do not trust this new QQQ short term down-trend, after the indexes found support on Monday. A lot of the growth stocks I trade climbed on Monday, including IMAX, CYBR, TASR, SYNA, REGN, SWKS. The longer term trends remain up. I am encouraged to tiptoe back into this market.
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Back to $QQQ short term up-trend
This bounce looks weak to me but the GMI is back to 6. I am still somewhat skeptical. I do not trust changes in the short term trend until they last 5 days. The short term down-trend that just ended lasted only 3 days. Longer term up-trend remains in place.
3rd day of $QQQ short term down-trend
A lot of stocks bounced from oversold on Wednesday. Another up or flat day will change the QQQ short term trend to an up-trend. The longer term trend remains up. Interest rates continue to rise.