Stock Market Technical Indicators & Analysis
10.4 daily stochastic for QQQ is very oversold (at 7.66, see chart below) and put/call ratio has been high. Bounce may be coming but I am content to wait on the sidelines, mainly in cash or short. I will re-enter market on long side only when QQQ short term trend turns up.
I remain short and mainly in cash in my trading accounts. There were 122 new lows and only 47 new highs in my universe of 5800 stocks.
I am short (own SQQQ) or in cash in my trading accounts. The GMI has issued a Sell signal. The GMI2 is at 0, indicating short term technical weakness. The weakness in the leaders is a bad omen for the general market, and after three years, this bull market is showing its age. Since the end of March, 2009, the Dow 30 index has advanced +75%, the Nasdaq 100 +117% and the S&P500 +79%. What more can we ask for in a bull move?! Check out this monthly chart of the S&P500 index.
