Stock Market Technical Indicators & Analysis
The QQQ short term up-trend reached the 5th day but another down day on Tuesday could turn the short term trend down. Only 4 stocks were found by my scan that looks for stocks that hit a new 52 week high and have good fundamentals: DG, GNRC, OKS, ASPS. ASPS hasn’t closed below its 10 day average since October 21! The 10 day average in this daily chart is the blue dotted line. Click on chart to enlarge.
While the GMI barely held to 6, the more sensitive GMI-2 fell to 3. Another flat or down day in the QQQ will change its short term trend to down. The QQQ daily 10.4 stochastic is in overbought territory at 84 and has crossed below its longer term average. Over the past few months, this pattern has signaled the start of a decline. See the chart to the right. The Worden T2108 fell to 44%, but is still in neutral territory. 
So, I lightened up yesterday on QLD and bought a put on one stock. IBD still considers the market to be in a correction and suggests staying in cash. Only two stocks came up in my good fundamentals+new high scan: ASPS and GNRC. ASPS broke $50 for the first time.
Cautiously long with QLD. I am more sure of a QQQ short term change in trend if it reaches 5 days. Six stocks came up in my new high and good fundamentals scan: MMP, OKS, ASPS, GNRC, INTC, SMP.