Blog Post: Day 68 of $QQQ short term up-trend, it may end Monday; 136 US new highs and 37 lows; GMI declines to 4 but 10:30 weekly chart of QQQ is still in a strong up-trend, but $AAPL has a failed GLB

@ 9:58 pm
GMI4/6
GMI-24/9
T210855%

Another flat or down day for QQQ on Monday will end the QQQ short term up-trend after 68 days. But about 40% of QQQ short term down trends end in 5 days or less and QQQ’s longer term trend remains up. This 10:30 weekly chart shows that QQQ is in a strong longer term up-trend with the 10 week average rising above the rising 30 week average for its 23rd week. I would become more defensive if the weekly close (gray line) should decline below the 30 week average (red line).

It is disconcerting that AAPL failed its GLB (green line break-out to ATH) on above average volume on Friday.

The GMI has now declined to 4 (of 6).

Blog Post: Day 67 of $QQQ short term up-trend; 115 new US highs and 44 lows; 11 stocks have OSB after recent ATH, see list, which includes $NVDA and its chart, see also recent OSB, $AMPH

@ 11:05 pm
GMI5/6
GMI-24/9
T210856%

These stocks reached an ATH recently and have had an oversold bounce, indicated by a black dot. They are sorted by close/lowest price past year. Interesting, NVDA is at the top. If I buy any OSB, I place an immediate stop below the bounce. Note the earnings dates. Holding through earnings has been treacherous lately, see QCOM and SDGR.

My OSB setup worked recently for AMPH.

 

Blog Post: Day 65 of $QQQ short term up-trend; 149 US new highs and 23 lows; treasury bonds cratering, see $TLT and chart showing duration of QQQ up-trends

@ 10:17 pm
GMI6/6
GMI-27/9
T210868%

As bonds fall rates go up. Something is off. Could this be related to the Fitch  downgrade? Look at the red spikes. The market cannot fight rising rates. The QQQ short term up-trend, at 65 days is getting old. Most end before this, see chart below for 2006-2019. The end of a short term up-trend does not necessarily signal the beginning of a large down-trend, only a short term down-trend.