All of my GMI and GMI-2 components are positive. JCI reported record earnings and had a large volume green line break-out on Tuesday. Check out its daily chart.
All Posts
12rth day of QQQ short term up-trend; TSLA head and shoulders top?
Is TSLA forming a head and shoulders top? Check out this daily chart. TSLA may be on the neckline. A penetration could lead to a sharp sell-off.
This daily GMMA chart shows that the RWB pattern is gone, with the shorter averages (red) about to cross below the longer averages (blue).
10th day of QQQ short term up-trend; TSLA at critical point
For the first time since its green line break-out last April, TSLA may close below its critical 10 week average (dotted blue line). Other danger signs are closing down 3 weeks out of the last 4 on elevated volume (red bars) and the weekly MACD histogram has turned negative (red), revealing weakening momentum. TSLA bounced from oversold levels on Thursday. If TSLA closes below yesterday’s low of 162.83, I would expect more of a decline. If it holds this level then I think it is a shake-out, to be followed by a resumption of the up-trend. Pre-market, TSLA is up. It remains in a Stage 2 longer term up-trend, with support around 123 (red line). Earnings are expected on Nov. 5. What do you think? (Click on chart to enlarge.)
