Stock Market Technical Indicators & Analysis
I am waiting to see if QQQ and tech stocks can make up for the high volume distribution day last Thursday, designated by arrows. QQQ looks extended to me on a weekly chart. But the GMI remains Green and strong. I may buy TQQQ in my trading account on a good bounce up off of support. I still am holding mutual funds in my retirement accounts.
Screenshot
So many pundits claim that the markets are due for a decline. Instead of predicting Mr. Market, we would do better to just react to what he is doing. These 10:30 weekly charts look strong to me. The gray line is the weekly close and the dotted line is the 10 week moving average. The solid red line is the critical 30 week moving average of weekly closes. Compare the 2022 decline to the present trend. What do you see? Both the charts of $QQQ and $SPY tell me the same story. There is plenty of time to exit when the 10 week closes repeatedly below the 30 week.
The GMI remains Green at 5 (of 6).
