General Market Index (GMI) table

I had written on Thursday after the 8 EMA support line was violated, that I was becoming more defensive, and then we had a tough day on Friday. QQQ and SPY declined on heavy volume. A flat or down day on Monday would begin a new QQQ short term down-trend, after 68 days. If we then break below the green line it would constitute a failed GLB. This chart shows that the 10.1 daily stochastic is well below 20 (5.88), which is very oversold. It needs to turn up above 20 to trigger a blue dot, like it did on June 23 at the start of this nice rise and a GLB (green line breakout).  QQQ is also resting on its lower 15.2 Bollinger Band, which could serve as support. Also, when Mag 7 stocks report earnings and have steep declines (META, MSFT, AMZN, AAPL) it does not bode well for the growth stock market. With the dollar declining with interest rates, GLD may be the place to be. GLD bounced off of its lower 15.2 daily BB and had a blue dot on Friday, see daily chart.

The GMI is at 3 (of 6) and could decline to 2 on Monday. Note how many of the short term components in GMI2 are negative. I am  cautious and defensive until this decline ends.

Thank you!  I broke 31,000 followers on X today!!!!

I reviewed some of my indicators: GLB, Blue Dot of Happiness and daily 8 EMA at the TraderLion conference today. I will post the recording link for Day 6 when I receive it or you can go to traderlion.com to find it.

During my presentation I posted a picture of the results of my scan for stocks with a recent ATH,  that had bounced their daily 8 EMA, which they had been tracking.  I built the scan using TC2000, but Richard will help me to  build it with Deepvue when we launch my Masterclass. The scan found 26 out of 6,200 stocks that met these criteria. I sorted them by close Friday divided by their close 250 days earlier, found in the last column. These stocks are for educational purposes only, to learn the setups. Plot them daily with their 8 EMA and explore them. The 3 stocks at the bottom came public in the past year and have no values shown in the last column.  Note the different industries in the table and the dates for reporting earnings. All are above their last green line tops. I show below the daily charts of three of them to show you their patterns.

Screenshot

The GMI remains Green and registers 6 (of 6). The weekly 10.4 stochastic of QQQ is 97, showing that QQQ is near the top of its past 10 week range, a powerfully bullish sign.