Indicators GMI: 2/6 GMI-2: 1/9 T2108: 28% QQQ has broken below its recent support level on above average volume. DIA and SPY are equally weak. Support may be around 405 or the green line at 408. This is the time for me to be on the sidelines in my trading accounts. The longer term trend remains up but the GMI has turned RED. If the GMI hits zero, I will begin to transfer my conservative retirement funds from mutual funds into money market funds. ScreenshotThe post Blog Post: GMI turns RED; Day 6 of $QQQ short term down-trend; only 28% of NASDAQ 100 stocks closed above their 50 day averages ..read more

Indicators GMI: 2/6 GMI-2: 2/9 T2108: 33% As I indicated in a tweet, @wishingwealth, intraday last Friday, I went to cash in my trading account. Too many breakouts have failed. GLD looked like it had experienced a high volume reversal. SPY and QQQ have now closed below their 10 week averages. Another weak day will turn the GMI to Red. I will wait to see if we get a strong earnings related bounce this week. This market is not acting well enough for me to take on long positions. Sell in May is almost upon us. ScreenshotThe post Blog Post: Day 6 of $QQQ short term down-trend; GMI=2; Will earni ..read more

Indicators GMI: 3/6 GMI-2: 6/9 T2108: 43% Thus far, QQQ has held above last week’s low of 435.11 and has reclaimed its 4 and 10 week averages. My adapted weekly GMMA chart shows QQQ to remain in a sustained RWB up-trend. The dotted line represents each weekly close. The purple dots are the weekly lows. We want all the short term  (red) averages to rise above the longer term averages (blue) with a large white band separating them, hence the RWB pattern. Screenshot AMZN had a GLB on Thursday. I would have liked to see an increase in volume. AMZN must not close back below its green line ..read more

Indicators GMI: 2/6 GMI-2: 2/9 T2108: 43% Note that I have added a red dot indicator to my primary daily chart. A red dot indicates that a stock closes down on the day it exceeded its upper daily 15.2 Bollinger Band. I do not want to buy on a red dot bar and sometimes may want to sell or trade a potential decline. QQQ has been bouncing between its Bollinger Bands for some time. QQQ is also on its 50 day average (green dotted line). The GMI =2 and could turn Red on Thursday. Be careful. Screenshot     The post Blog Post: Day 4 of $QQQ short term down-trend; More US new lows than hi ..read more

Indicators GMI: 4/6 GMI-2: 4/9 T2108: 54% While a new QQQ short term down-trend began on Friday, many end within 5 days. The fact that QQQ held its lower Bollinger Band, its 50 day and 10 week averages and had a black dot oversold bounce suggests that this bounce may hold. The key is to hold last week’s low. One thing going for the market is that first quarter earnings come out soon. However, now we are getting close to the “Sell in May and go away and comeback at Halloween” period. I am very defensive,  holding mainly cash in my trading IRA and am waiting for Mr/Ms Market to define it ..read more

Indicators GMI: 4/6 GMI-2: 3/9 T2108: 53% A lot of technical damge was done on Thursday. Friday’s reaction to the jobs report should determine whether this decline will broaden. 10 week average is the blue dotted line. Support for the longer term up-trend is the 30 week average (red solid line).   The post Blog Post: Day 60 of $QQQ short term up-trend, may end Friday; GMI falls to 4, $QQQ closes below 10 week average for first time since last October, see weekly chart first appeared on Wishing Wealth Blog ..read more

Indicators GMI: 6/6 GMI-2: 4/9 T2108: 58% Even had a green dot signal. How high can it go? Be careful. The post Blog Post: Day 59 of $QQQ short term up-trend; $GLD has had a nice run since GLB and Blue Dot signal, see daily chart first appeared on Wishing Wealth Blog ..read more

Indicators GMI: 5/6 GMI-2: 7/9 T2108: 64% Thanks to my extraordinary former student, Richard Moglen, for bringing this to my attention by one of his tweets: @RichardMoglen and @Deepvue  My audience should be following him. The post Blog Post: Day 57 of $QQQ short term up-trend; $GOOGL has GLB to ATH, see daily and monthly charts first appeared on Wishing Wealth Blog ..read more

Indicators GMI: 6/6 GMI-2: 7/9 T2108: 59% As long as the 10 week average (blue dotted line) is rising above the 30 week average (red solid line) the odds are in favor of my  being invested long. Compare the pattern during the 2022 decline to the advance that began in March 2023. The gray line is the weekly close, which can give me advance warning of a possible change in trend. The GMI, which is Green,  also indicates a longer term up-trend. Note in the chart and the table below that QQQ’s 10 week average has been above its 30 week average for 57 straight weeks! The post Blog Pos ..read more

Indicators GMI: 6/6 GMI-2: 7/9 T2108: 67% According to MS, Comp=96, RS=93, EPS=65 and ACC/DIS=A.  Worth a hoot? The post Blog Post: Day 55 of $QQQ short term up-trend; 238 US new highs, 2 lows and 82 at ATH; Recent IPO, $OWL, is flying high after GLB, see daily and monthly charts first appeared on Wishing Wealth Blog ..read more