Stock Market Technical Indicators & Analysis
This monthly chart shows that NVDA had a green line break-out (GLB) to an ATH last week. This is one fallen angel that made it back.
Here is its daily chart. Note the huge volume on the day of the break-out after earnings were released. To avoid being a failed GLB, NVDA should not close back below its green line, at 346.47.
The GMI remains Green, at 4 (of 6).
These stocks traded at an ATH on Friday and are on my watchlist of stocks that have been on IBD or MS lists. They are sorted by close Friday divided by lowest price the past 250 days. They all traded at an all-time high on Friday. VTS, with ****, is an IPO within the past 250 days.
The GMI, at 5 (of 6) is still on a Green signal.
While my indicators suggest that the bottom is in for QQQ, I remain mainly in GLD until the US gets through the debt limit battle. The market fell deeply during the debt battle in 2011 but gold held up until the limit was raised. But there are few new highs each day and more yearly lows than highs. Until the current debt limit issue is resolved, I remain very defensive, but will jump back in on the long side once an agreement is reached. The market indexes have held up under the assumption that all will end well. But the road could still turn very rocky quickly until the resolution. So I wait mainly on the sidelines. The GMI remains strong for now, at 5, of 6.
