Stock Market Technical Indicators & Analysis
10 week average is purple dotted line in this weekly chart. The major bullish sign here is the fact that the 30 week average (red line) is turning up. However, it still looks like a failed GLB and a possible double top.
The GMI remains on a Red signal.
Since the first week in January after the market bottom, the QQQ has closed above its rising 4 week average every week except once in early March (A) and last week (B). Closing above the rising 4 week average is a sign of a strong advance. This week the market will reveal its short term direction by whether the QQQ can regain and close above its 4 week average (red dotted line). A close below the 10 week average (purple dotted line) would indicate a significant decline. Failure of the recent GLB is another major sign of weakness.
Some stocks are still hitting all-time highs. OLLI had a GLB last week. It has closed above its 4 week moving average the past 7 weeks.
The GMI is 3 (of 6) and remains Green.
Between Sell in May and the 80th day of the current QQQ short term up-trend, we may see some weakness shortly. Or is it just caused by the President’s tweets about the China talk? It will be a major sign of technical weakness if the recent GLB (187.52) does not hold.
The recent pet care ETF IPO, PAWZ, had a GLB last week. Having inherited a wonderful mini labradoodle from my late sister, I now know personally how much people spend on their pets.
The GMI remains strong at 6 (of 6).
