QQQ still closed (dotted line) below all blue averages. The next few days should tell us whether an up-trend materializes or the decline resumes.
Blog Post: Day16 of $QQQ short term down-trend; Stop trying to predict in advance a decline or bottom and wait for it to happen; $QQQ and $SPY are in daily BWR down trends, see daily Guppy charts of QQQ,SPY,MAGS and NVDA below.
The GMI is RED and it makes sense to me to be in cash in my trading accounts. Vacation time! Plenty of time to get in once there is an up-trend and a daily RWB pattern. One loses a lot of $$$ trying to catch the bottom. NO ONE KNOWS WHERE OR WHEN IT WILL OCCUR. Traders who got in last May had lots of time to ride the up-trend. It is that simple.
Even the Magnificent 7 ETF is entering a daily BWR down-trend. Ride it in a RWB up-trend! Look at NVDA.
The weekly 10.4 stochastic for QQQ is at 33. Strong up-trends occur with this indicator consistently above 80. Look at the recent evidence for QQQ. We must be patient.
Blog Post: Day 13 of $QQQ short term down-trend; I found only 5 stocks on my growth watchlist of 300+ stocks that had perfect daily and weekly RWB patterns. The list below is worth investigating.
These stocks also had a recent GLB to an ATH and are up at least 50% in the past year. When the market falters, it is easier to see the potential leaders.
