Stock Market Technical Indicators & Analysis
QQQ has found support at its lower 2.15 Bollinger Band again but it remains in a descending channel. A convincing close above this upper channel, now around 522-23 would suggest to me a real change in trend. Or is this an earnings release rally that will fade after most earnings are out? A post release lull is common. Stay tuned….I will be presenting about GLBs at the Minervini Birthday Gala late Friday. Come say hello.
A daily RWB (red/white/blue) is a pattern of an advancing stock. In a daily RWB up-trend, the daily close (dotted line) leads all 12 short (red) and longer term (blue) averages higher, with a white space between them. Clearly, AAPL is no longer in a daily RWB up-trend.
TSLA’s daily RWB up-trend has also ended.
As has NVDA’s.
With bonds in a steep decline, the market will have competition from higher interest rates. This chart shows a daily RWB down-trend. With the GMI=1, I am mainly in cash in my trading accounts. There were only 45 US new highs and 218 lows on Friday. This is not a market for me to buy stocks at highs. But earnings season may cause a short term bounce up with so many indicators oversold. I won’t trust a rise until my indicators strengthen. Too many people I meet have gains from the past two years and remain eternally bullish–until the next large decline scares them out, at the bottom. If T2108, now 20%, should go below 10% I may become interested in nibbling on an S&P500 index ETF, not in individual stocks, many of which might not recover.
