QQQ head and shoulders fails; All indicators are positive; IBD: “confirmed uptrend.”

GMI6/6
GMI-26/9
T210861%

IBD has just changed its market outlook to confirmed up-trend. With the GMI on a Buy signal since the close on February 28, I am adding long positions.   This weekly chart shows that the QQQ head and shoulders pattern failed to develop.   A lot of stocks are breaking out. With the T2108 only at 61%, this market is not extended.

New QQQ short term up-trend

GMI6/6
GMI-26/9
T210855%

My indicators have now converged on the bullish side.   The GMI and GMI-2 are each 6 (of 6) and the QQQ began a new short term up-trend. However, IBD still sees the market in a correction.   Still, I am wading back into this market on the long side.   Too may stocks I am watching are gaining strength.   I bought some TQQQ on Monday and will buy more if the QQQ continues to rise.

Still conflicting signals; Worden workshop coming to DC area in March

GMI4/6
GMI-25/9
T210856%

The GMI is now on a Buy signal even while the QQQ just reached the 7th day of its short term down-trend.   There were 240 new highs in my universe of about 5,000 stocks and 87 new lows on Friday.   I am waiting to see whether the QQQ can mount a real rally or whether it will complete a head and shoulders top. Meanwhile, the DIA and SPY are in strong RWB weekly up-trends and approaching their all-time highs.

I will be attending the Worden training workshop in late March (3/22 or 3/23).   Register for the free workshop at worden.com. This is how I learned how to use their wonderful TC2000 technical analysis software.