Blog Post: Day 7 of $QQQ short term up-trend; 120 US new highs and 246 lows; $STLD retakes green line and hits ATH, see daily chart, also of $TMDX

@ 9:16 pm
GMI5/6
GMI-24/9
T210870%

$STLD has been holding up well after its GLB (green line break-out) last week. Note how it is tracking its 8 exponential moving average (dotted line). Note the bounce up off of that average on Monday. If I bought it, I would place my stop below Monday’s low or sell if it closes below the green line. $STLD came up in my TC2000 scan of my IBD/MS watchlist for stocks that are near an ATH, have a rising 8 EMA above the 21 EMA for at least 7 consecutive days, and bounced up off of the 8 EMA. Another stock that came up was $TMDX. Others were: PSN, RJF, VMI, GPC, FICO and AIT. Check them out.

Blog Post: Day 6 of $QQQ short term up-trend within a longer term down-trend; Critical week coming up for $QQQ, which is between the rising 4 wk avg and the declining 30 wk avg, see weekly chart

@ 5:19 pm
GMI5/6
GMI-24/9
T210871%

The 4 wk avg is the pink dotted line and the 30 wk avg is the red solid line. Note that last week QQQ was sandwiched in between these two averages. The rising 4 wk avg above the 10 wk avg (purple dotted line) is a positive sign. A close this week above the 30 week could be a further sign of strength, although such a pattern failed to hold last August. On the other hand, a close below the 4 wk would suggest further weakness to come. Stay tuned…..

The GMI registers 5, of 6, and remains on a Green signal.