Blog Post: Day 41 of $QQQ short term up-trend, GMI declines to 4 (of 6); After 9 straight weeks above, $QQQ is now below its 4 wk average, see weekly chart

@ 11:20 pm
GMI4/6
GMI-24/9
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A stong advance is evident when the 4wk>10wk>30 average and the stock continually climbs above the 4 wk average. It is clear from this chart that QQQ is now below the 4 wk average (red dotted line). If it closes the week below, it suggests to me that the recent up-trend is over for now. We now have to see whether it finds support at the 10 wk avg (blue dotted line). SPY and DIA show similar patterns. The longer term trend remains up as long as the index is rising above the climbing 30 wk avg (Stage 2). I am mainly in cash now in my trading IRA.

Blog Post: Day 40 of $QQQ short term up-trend; 73 US new highs and 3 lows; Magnificent 7 all decline, see table; $AAPL has double top at green line peak? See weekly chart.

@ 6:25 pm
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GMI-24/9
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These big name tech stocks fell. However, many stocks were extended and by my definition, the number of NASDAQ 100 stocks that were extended fell from 42 on 12/29  to 5 on Tuesday. The range last week was 42-54% extended stocks.

AAPL is looking quite weak. This weekly chart shows a possible double top. Note AAPL found resistance at its green line ATH.

 

Blog Post: Happy New Year! 10:30 weekly charts shows $QQQ, $SPY and $DIA remain in a Stage 2 up-trend, see chart for $QQQ; GMI remains Green and is at 6 (of 6)

@ 8:37 pm
GMI6/6
GMI-27/9
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As long as the index is rising above its 30 week average (red line) and the 10 week average (dotted line) is above the 30 week average, then the index remains in an up-trend. I do not try to predict, only to determine the market’s current trend. The gray solid line is the weekly close.