Stock Market Technical Indicators & Analysis
With the GMI at 6 (of 6) and the QQQ short term trend now up, I must grit my teeth and wade back into this market. I have to heed my indicators and not my emotions. Perhaps good 2nd quarter earnings will propel a lot of stocks higher. I am monitoring stocks with green line break-outs (GLB) to all-time highs. Check out ROCK, which last Friday broke through a top last reached in May, 2006:
Thursday was the first day of the new QQQ short term up-trend. I am more confident of a change in trend once it lasts for 5 days. I will look towards slowly taking a position in TQQQ, the 3X leveraged bullish ETF for QQQ. Meanwhile the recent GLB, $WB powered higher on Thursday on above average volume.
This market is becoming stronger. The GMI switched to a Buy on the close of July 1 and the QQQ short term down-trend may end Thursday if the QQQ is up or level. Nine stocks came up on my new high with good fundamentals scan: $FNV, $DFT, $HII, $COR, $UFPI, $ULTA, $NSP, $PATK, $AMZN. Meanwhile, $RTN has also moved to a new high.
Stocks that climb to new highs early in a market turn often prove to be among the new leaders.