I could have shown you many bank charts like this. It is also a little scary to see how brokers are doing. Brokers will make you broker.
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Blog Post: Day 3 of $QQQ short term down-trend; GMI=1 will likely flash Red signal on Monday; 642 new US lows Friday, most since the October low, IBD says market in correction; T2108 dives to 20%, $SPY back below critical declining 30 week average, see weekly chart
With the GMI at 1 (of 6), it is time to be on the sidelines in cash again. So many bullish set-ups failed last week. If T2108 declines to below 10%, I may buy a little SPY and only average up, slowly. But SPY looks quite weak now, below its declining 30 week average (red solid line), in a Stage 4 decline. Note the above average volume last week. This could portend a massive decline to the lower trend channel line, around 320. That is a worst case scenario, but with a major bank failing and a debt limit fight on the horizon……… But if to avoid a spreading bank panic the Fed slows its rate increases, we could see a huge snap back rally. The main positive technical sign I see is that the 10 week average (dotted line) remains above the 30 week average. Where that ends up will tell the story.
Blog Post: Day 2 of $QQQ short term down-trend; 79 new US highs and 361 lows; in cash; $SPY is just below its 30 week average, very dangerous, see weekly chart
The 30 week average (red solid line) is now declining again. Stage 4 down-trend may be gaining steam, watch out. Break-outs are failing. I am in cash. T2108= 28%. When it goes below 10% I will be looking for a bottom.
