Up-trend still intact but it would be prudent to be defensive until the market settles down. AAPL and TSLA are showing relative strength. AFSI is the only stock to come up in my new high and good earnings scan. Only 4% of the Nasdaq 100 stocks rose on Thursday. IBD changed its market outlook to correction. IBD has a great track record in calling the market’s primary trend.
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28th day of QQQ short term up-trend; AAPL masks weakness
AAPL continues to mask weakness in tech stocks. Only 19% of the Nasdaq 100 stocks rose on Wednesday. IBD sees the market under pressure. This is a time to raise stops and hold back from new purchases. We may be into the post-earnings lull and weakness period. Beware September/October.
T2108 weakening and is at 53%; XONE to plummet
This rally is getting a little tired. Only 41% of stocks rose on Tuesday and the Worden T2108 Indicator is now at 53%. AAPL may be masking some wider weakness in stocks. Be careful. With earnings out, what can drive stocks higher? Look at what happened to XONE after earnings were released. Not a good sign. Looking for a large drop in XONE on Wednesday.