The value of these charts is clear to me. I trade long when the stock/index is in a daily RWB up-trend. I have sold weekly covered calls on GLD.
$QQQ back below 30 week average–caution needed–end of Stage II up-trend?
QQQ back below 30 week average (red line)–major sign of weakness.
$QQQ bounces down off of resistance; 15th day of QQQ short term down-trend; calls on $SQQQ
The QQQ failed to close above resistance levels (30 and 50 day averages) on Thursday. With the pre-market futures down, most probable short term direction is down. Thursday was 15th day of QQQ short term down-trend. I hold some call options on SQQQ in my trading account.
