SPY, DIA and QQQ have overbought daily 10.4 stochastics. The Worden T2108 is zooming!!! Now about 58% of NYSE stocks closed above their simple 40 day moving averages! Note that the market bottomed in August when T2108 was below 10%.
2nd day of $QQQ short term up-trend within a Stage IV down-trend?
QQQ is near resistance. A lot of indicators are converging around 107-108. Will QQQ break through?
The QQQ remains in a technically weak pattern with the 4wk<10wk<30wk averages. As long as the 30 week average (solid red line) is moving down we are in a potential Stage IV down-trend. This is no time to be long, except for addicted gamblers.
New $QQQ short term up-trend
While the short term trend is now up, I do not have confidence in a change until it lasts 5 days. While this is a nice rally, the longer term trends are still down–for now. Here is the GMI table I should have posted yesterday. The T2108 zoomed to 45 on Monday.
