QQQ looks like it hit a stone wall at the descending trend line on the daily chart.
However, the 10:30 weekly chart is still in a longer term Stage 2 up-trend. Stay tuned…..
The GMI is at 2 (of 6) and on a Red signal.
Blog Post: Day 2 of $QQQ short term up-trend; 68 US new highs and 162 lows; $QQQ stops right at declining trend line, see daily chart, will it break through?
Remember, I am more confident of a change in my $QQQ short term trend indicator when it reaches Day 5. We must be nimble.
Blog Post: Day 1 of new $QQQ short term up-trend; Slowly accumulating $TQQQ; 23 stocks at ATH, see list
At the beginning of a new short term up-trend, it is time to look for the winners who quickly emerge to new highs. These stocks from my IBD/MS watchlist reached an ATH (all-time high) on Wednesday. They are sorted by current price/lowest price last 250 days. Note that the 2 companies with the popular weight loss drugs, LLY and NVO, are taking off. Both have doubled their yearly lows. I am slowly accumulating TQQQ as long as this new short term up-trend lasts. It is psychologically difficult for me to go long quickly at a new up-trend because we are used to the market declining. We need to focus on the the steering wheel and not the rear view mirror.
