I suspect we are in the post earnings release down-trend period. About 40% of QQQ short term down-trends have lasted 5 days or less.
Blog Post: Day 12 of $QQQ short term up-trend, could end on Wednesday; longer term up-trend still intact with GMI=6
QQQ closed back below all 12 averages. RWB up-trend over. Time to be very defensive.
Blog Post: Day 11 of $QQQ short term up-trend; On Friday, there were 217 US stocks at new highs and 7 at new lows, 93 were at an ATH; Modified Guppy daily and weekly charts show that $QQQ has closed above all 12 averages.
The daily modified Guppy chart shows that the QQQ RWB up-trend remains intact. QQQ is also in a longer term weekly RWB up-trend. RWB means that the shorter term averages (red) are all rising above the longer term averages (blue) with a white space between them. The dotted line is the closing price for the selected period. ATH=all-time high. I am still holding some TQQQ.
