General Market Index (GMI) table
$QQQ $SPY $DIA remain in daily and weekly RWB up-trends– why not ride them?
Many of us spend our time trying to anticipate the market’s turns. A true trend follower merely waits for Mr. Market to reveal his intentions and then responds appropriately. These charts shows that the QQQ, SPY and DIA remain in daily RWB up-trends. More impressive is that all three ETFs also have perfect 12 weekly RWB patterns.Why not just ride them?
The GMI remains Green and at 6 (of 6).
GMI flashes GREEN; 1st day of new $QQQ short term up-trend
The bifurcated market is clearly evident in the fact that the QQQ is above its 10 week average while the SPY and DIA remain below. So the GMI which is heavily oriented towards the QQQ has now gone to Green, 4 days after it turned Red. The QQQ short term trend has also changed to up. I usually wait for 5 days of a new QQQ short term trend to trade it aggressively. I did nibble at TQQQ on Friday. Time will tell.
