Futures very weak–top of right shoulder complete?

@ 7:29 am
GMI6/6
GMI-R10/10
T210877%

Tuesday was the 13th day of the current QQQQ short term up-trend.   With a big down opening coming, I must watch key support levels.   A weekly chart of the the major indexes suggests we may have completed the top of the right shoulder of a head and shoulders top.   The longer term up-trend of the QQQQ will turn negative for me with a close of the QQQQ below 46.17 . The comparable figure to watch on the Dow is a close below 10,480.   The 30 week average (red line) is about as flat as one can get, meaning we could be in a market of whipsaws for a while.   However, if the 30 week   average for these indexes begins to decline, I will exit all markets.   Note the potentially bearish weekly chart of the Dow below (click on chart to enlarge).

12th Day of QQQQ short term up-trend; 8 rocket stocks

@ 7:00 am
GMI6/6
GMI-R10/10
T210883%

The market rally continues, with many stocks breaking out.   There were 229 new 52 week highs in my universe of 4,000 stocks on Monday.   The following stocks at new highs were near multi-year highs and had triple digit earnings increases in their most recent quarter: SAN,   CTXS,   PPO, CMI, OPEN, HWK, BIDU, ALK.   I own some of these.   The new high list is a great place to look for promising growth stocks. Check out this monthly chart of BIDU, (click on chart to enlarge),   a true rocket stock.

The stochastic of the Worden T2108 suggests rally to continue? 4 stocks with high relative strength

@ 7:00 am
GMI6/6
GMI-R10/10
T210879%


I know many people doubt the ability of this rally to continue.   But the QQQQ short term up-trend is only 11 days old!   I decided to apply the stochastics   indicator to the Worden T2108 Indicator.   The T2108 acts as a pendulum of the market, going from overbought to oversold, as does the stochastic.   The weekly chart below (click on to enlarge) shows the stochastic of the T2108 compared with the performance of the Dow 30.   What is clear to me is that the stochastic, while high,   is still climbing and shows no sign of an impending decline.   So this rally may have a ways to go.

The GMI is 6 (of 6) and the more sensitive GMI-R is 10 (of 10).   The SPY and QQQQ have closed above their critical 10 week averages for three straight weeks.   The T2108 is at 79%, which is in overbought territory, but it can stay there for weeks. I ran a new scan that finds stocks with a relative strength rank of 95 or higher for three time periods.   Among these stocks were 4 that are also on my IBD100 or New America watch lists: IDSA, CRUS, APKT, NFLX.   I own one of these. I think it is worth researching these stocks for possible buy points.