Stock Market Technical Indicators & Analysis
The SPY and QQQ both hit a wall at their 30 day averages on Wednesday. The key for me is whether they can close above this key average or head back down. Check out this daily chart of the QQQ. Note how the QQQ could not break above its 30 day average (red line). If it closes Thursday above this line, I would become more confident that the short term trend is reversing up.
IBD says Tuesday was a follow through day and marked the end of the correction. I will wait for the GMI to turn positive before I re-enter the market. I still do not trust this rebound yet.
Rebound continues, but for how long? Look at this daily chart of the SPY. SPY is way below the long term trend line (blue line) that it recently broke. We now have a lower bottom. Will we get a lower top? Stay tuned…….
