Things are looking up. Will post about possible leaders this weekend.
3rd day of $QQQ short term up-trend; $FB and $ELLI show strength
With Wednesday’s one day reversal, this market is beginning to show resilience. The GMI is back to 3 (of 6). Time to look for some emerging leaders.
I like the way FB is behaving. It bounced on Wednesday. Also, any stock that can maintain its RWB up-trend during the past few months of market weakness merits attention. Note the stock closed Wednesday above all of its 12 moving averages. The gray dotted line shows each weekly close.
And ELLI is in the middle of a GLB to an all-time high.
And may be showing resumption of its strong RWB up-trend.
2nd day of new $QQQ short term up-trend
I do not trust a new QQQ short term up-trend until it lasts 5 days. The GMI remains on a Sell signal. The daily 10.4 stochastics for the QQQ and SPY are very over-bought and beginning to turn down. I remain mainly in cash. Here is the daily chart of the SPY (S&P500 ETF). Will it hold the 30 day average (red line)?
