Stock Market Technical Indicators & Analysis
Even as financials tank yet again, techs are coming back, as evidenced by AAPL, IBM and GOOG. This daily Guppy chart of the Money Center Banks Index shows that all of the short term averages (red) are below the declining longer term averages (blue), in an ominous BWR pattern.
In spite of all of the bad news about raising the debt ceiling, the up-trend continues. With the GMI and GMI2 each registering 5 (of 6), I must respect this up-trend. 
I do not think we would be seeing such buying in GOOG or AAPL if this market were going to enter a prolonged down phase. I began worrying about the tech stocks when AAPL could not go to a new all-time high. But it did so on Friday after consolidating for 20 weeks, and GOOG climbed almost 13% ($68). The bulls are still alive. The Worden T2108 indicator is at 55%, in neutral territory. The QQQ and SPY have spent 3 weeks back above their 10 week averages. And the QQQ now has the strong 4wk>10wk>30wk averages pattern. So, I am slowly wading back into this market.
I remain mainly in cash, but own some QLD, given the QQQ short term up-trend.