$DIA, $QQQ, $SPY have failed GLBs; GMI=3 (of 6)

GMI3/6
GMI-22/9
T210849%

The three index ETFs failed to hold their recent green line break-outs (GLB) to all-time highs. Failure of a GLB can be a serious sign of impending near term technical weakness. Tuesday was the 82nd day of the QQQ short term up-trend and is approaching the longest short term up-trend (88 days) since 1990. This fact, alone, suggested to me that we would experience some weakness. Tuesday’s high volume decline indicates an IBD type distribution day.

 

$QQQ short term up-trend = 80th day, since 1990 longest up-trend= 88 days; GLB: $PAWZ

GMI6/6
GMI-27/9
T210863%

Between Sell in May and the 80th day of the current QQQ short term up-trend, we may see some weakness shortly. Or is it just caused by the President’s tweets about the China talk? It will be a major sign of technical weakness if the recent GLB  (187.52) does not hold.

The recent pet care ETF IPO, PAWZ, had a GLB last week. Having inherited a wonderful mini labradoodle from my late sister, I now know personally how much people spend on their pets.

 

The GMI remains strong at 6 (of 6).