Stock Market Technical Indicators & Analysis
This daily chart shows that GLD has now retaken its 8 EMA (dotted line) for the first time since February 1, at the recent top. Volume was above average the past 2 days as it rose. It bears watching to see if GLD can mount a new rise. The next hurdle is the 21 EMA (solid line). Note during the December and January rise, the 8 EMA consistently rose above the 21 EMA. The 8 EMA leads the way.
I have found that about 40% of new QQQ short term down-trends end within 5 days. So I buy a little SQQQ on Day 1 and increase the position slowly. SQQQ has now closed above its daily 8exp and 21exp averages.
QQQ is right on its 30 day average(red solid line) and there have been two black dots, indicating an oversold bounce. The 10.4 daily stochastic is also below 20, the level where this index often bounces. Note also the higher volume on Thursday’s advance. Friday’s close should give me an indication whether the QQQ short term up-trend remains intact. Then it will be time for me to buy TQQQ or SQQQ. The key is to remain agnostic and to ride the market in the direction it wants to go.
