Put/call ratio = 1.04. Maybe a bounce is coming?
QQQ
New $QQQ short term down-trend and GMI turns Red; $QQQ on critical support
Both my QQQ short term trend indicator and the GMI signaled weakness on Wednesday. QQQ short term down-trends often (41%) fail (end) within 5 days. After 5 days I feel more comfortable owning SQQQ. The QQQ is resting on support at its lower 15.2 daily Bollinger Band and its 50 day average (green dotted line). Thursday will be a critical day to watch its action.
$QQQ short term up-trend in jeopardy; put/call ratio suggests bounce but interest rates and dollar rise and gold falls
With a lot of stocks weakening, the only bright spot is that the put/call ratio is at 1.11. That suggests the market could bounce soon. TLT (2o+ year treasury bond ETF) continues to decline, reflecting rising interest rates.
And a sharply rising dollar.
And declining gold.
