Stock Market Technical Indicators & Analysis
Time to be in cash or in SQQQ. “Sell in May and go away; come back at Halloween.” A bottom may have to wait until after the September Fed meeting and 3rd quarter earnings are being released in October. Protecting one’s capital is the name of the game right now. The short term trend is down.
Interest rates continue to rise as evidenced by declining long bonds. The resulting higher rates suck $$$ out of tech stocks and the QQQ. I continue to hide in cash and some SQQQ, which rose 3.3% on Wednesday. See the daily charts of TLT and SQQQ.
The white space between the red shorter averages and the blue longer term averages is gone. The RWB up-trend is over. Will it turn into a BWR down-trend? Note that during an RWB up-trend the closing daily prices (dotted line) tend to be above all of the averages. It is almost below all of the averages now.
