QQQ must hold its 30 week average or is at risk of starting a Stage 4 down-trend. See my recent October 20 Money Show presentation here or on the webinars tab on this blog. Also get the discount for Deepvue and receive my “F” charts.
General Market Index (GMI) table
Day 2 of $QQQ short term down-trend and GMI=2 and likely to register RED by Monday’ s close. Preparing for MoneyShow presentation on Tuesday at 1:05, get link to register free. I will make important announcements and share an new analysis of GLBs that I find unexpected and very exciting.
There were 28 stocks at an ATH on Friday. Seven were oil & gas related and 5 were in insurance. Both V and MA were on the list, having recently had a GLB. Rising interest rates benefit credit cards. QQQ had a high volume decline and the modified daily Guppy chart shows that the RWB up-trend is over. QQQ closed below all 12 of the moving averages, see dotted line. This is the time for me to be in cash in my trading account and to concentrate on preparing my 30 minute presentation for the MoneyShow on Tuesday. Then I will show you how I trade GLBs and analyse their performance. Registration is free and once you register you can get the recording if you cannot attend on Monday at 1:05 PM. Being an accredited investor is not required to attend.
The GMI will likely turn RED by Monday’s close. Note frrom this table that the weekly stochastic is down -16 and well below 80. QQQ and SPY have now closed below their 10 week averages. My trading account is on the sidelines now but I will consider buying some GLBs when they occur. If the GMI reaches zero I will consider moving retirement investments to cash.
Screenshot
Day 16 of $QQQ short term up-trend; GMI remains GREEN, see table. 25 stocks traded at an ATH on Friday, 6 were oil&gas and 4 were software firms. One software firm, PLTR, had a GLB on Friday, see daily and monthly charts and my analysis .
PLTR closed above its Green line at 207.52 on Friday on above average trading volume. To be a successful GLB, it must not CLOSE below 207.52. Earnings are scheduled to be released on 11/2. PLTR has already doubled from its lowest price the past 250 days. PLTR has been tracking along its 5 day EMA and is now outside its upper 15.2 Bollinger Band. It may trade back at the 5 EMA.
Monthly chart shows its last GLB was in November 2024 at 44.91, not a bad place to have purchased it! I change a Green line to orange when it is surpassed by a subsequent one. I will discuss GLBs during my upcoming presentation on the MoneyShow on 10/20.
GMI is only 3 but is still on a GREEN signal. Note there were more US stocks reaching yearly new highs than lows on Friday.
