Stock Market Technical Indicators & Analysis
As long as the QQQ remains above its 30 week average (red line) and the average is climbing, the market is still in a longer term up-trend. If QQQ closes below its 30 week average for several weeks, we are in for a major decline. A close back above all-time highs would be very bullish.
I have seen a lot of markets fall in October and sometimes form major bottoms. The current market has been extremely difficult to trade with all of its gyrations. I am almost totally in cash in my trading accounts. The GMI signal could turn Red with a few weak days next week. My short term trend for the QQQ might turn down Monday. The QQQ is weaker than the SPY and DIA and is now below its critical 10 week average. This is the time to be on the sidelines and to wait for a definitive trend to develop.
