IndicatorsGMI: 1/6GMI-2: 3/8T2108: 23%The GMI is 1 (of 6) and Red and IBD has called the market in a correction. IBD enthusiasts are looking for a follow-through day (FTD) this week. After a possible bottom, an FTD would occur if one of the major indexes were to close 1%+ higher on greater volume than the prior day. Investors.com and MarketSmith will tell us when an FTD happens. I am looking for a close of the QQQ back above its 10 week average (currently 273.13). QQQ has rebounded exactly to just below its 10 week average. Both the SPY and DIA are weaker and further below their 10 week averages. When the short term trends are down, it is more difficult to make profits by betting on the long side. … [Read More...]
12th day of $QQQ short term down-trend; Energy sector, $XLE, in severe weekly BWR down-trend
IndicatorsGMI: 1/6GMI-2: 1/8T2108: 18%The post 12th day of $QQQ short term down-trend; Energy sector, $XLE, in severe weekly BWR down-trend first appeared on Wishing Wealth Blog. [Read More...]
Market to be DE-FAANGed like the Nifty Fifty; IBD calls Market in Correction; GMI turned Red on 9/11 and $QQQ short term down-trend count began on…
IndicatorsGMI: 1/6GMI-2: 1/8T2108: 20%T2108 is already at 20% but the put/call ratio = .75. There is not enough bearishness for this decline to end. With a messy election coming up and the weak month of September and October, it is time for me to be in SQQQ and/or cash. This decline may be just getting started and the bear is eyeing the FAANG stocks. Beware as the big boys unload these stocks–I remember what happened to the buy and hold forever Nifty Fifty in the 70s. The post Market to be DE-FAANGed like the Nifty Fifty; IBD calls Market in Correction; GMI turned Red on 9/11 and $QQQ short term down-trend count began on 9/9; in cash + $SQQQ first appeared on Wishing Wealth Blog. [Read More...]
Green line break-out (GLB): $PINS on above average volume; see daily and weekly charts
IndicatorsGMI: 1/6GMI-2: 3/8T2108: 31%The post Green line break-out (GLB): $PINS on above average volume; see daily and weekly charts first appeared on Wishing Wealth Blog. [Read More...]
9th day of $QQQ short term down-trend
IndicatorsGMI: 1/6GMI-2: 2/8T2108: 29%The post 9th day of $QQQ short term down-trend first appeared on Wishing Wealth Blog. [Read More...]
7th day of $QQQ short term down-trend and GMI= Red; Mainly in cash or $SQQQ
IndicatorsGMI: 2/6GMI-2: 3/8T2108: 49%The post 7th day of $QQQ short term down-trend and GMI= Red; Mainly in cash or $SQQQ first appeared on Wishing Wealth Blog. [Read More...]
6th day of $QQQ short term down-trend; Meanwhile GLB stocks $GRVY and $APPS defy gravity–GLB is defined below and in blog Glossary
IndicatorsGMI: 3/6GMI-2: 5/8T2108: 52% From my blog: Glossary Green Line Breakout (GLB) I draw a green line on a monthly stock chart at an all-time high that has not been penetrated (or closed above) for three straight months. It generally is a good indication of a stock breaking out of its all-time high after minimum of a 3-month consolidation. Green line breakout stocks, in my experience, often go on to make a series of new highs as they rocket toward the moon. The post 6th day of $QQQ short term down-trend; Meanwhile GLB stocks $GRVY and $APPS defy gravity–GLB is defined below and in blog Glossary first appeared on Wishing Wealth Blog. [Read More...]
GMI=4, could turn Green today; $APPS heading towards green line and GLB?
IndicatorsGMI: 4/6GMI-2: 5/8T2108: 49% The post GMI=4, could turn Green today; $APPS heading towards green line and GLB? first appeared on Wishing Wealth Blog. [Read More...]
4th day of $QQQ short term down-trend but $QQQ retakes 10 week average; $GRVY and $SAIL holding GLB
IndicatorsGMI: 2/6GMI-2: 3/8T2108: 49% The post 4th day of $QQQ short term down-trend but $QQQ retakes 10 week average; $GRVY and $SAIL holding GLB first appeared on Wishing Wealth Blog. [Read More...]
GMI turns Red; $QQQ closes below 10 week average
IndicatorsGMI: 1/6GMI-2: 2/8T2108: 40%After 21 straight weeks above, the QQQ has now closed below its critical 10 week average (blue dotted line). Note the above average volume the past 2 weeks of declines. And the GMI has turned Red. I am holding a small position in SQQQ. The post GMI turns Red; $QQQ closes below 10 week average first appeared on Wishing Wealth Blog. [Read More...]
2nd day of $QQQ short term down-trend; GMI=1, could flash Red signal by Friday’s close
IndicatorsGMI: 1/6GMI-2: 3/8T2108: 42%The post 2nd day of $QQQ short term down-trend; GMI=1, could flash Red signal by Friday’s close first appeared on Wishing Wealth Blog. [Read More...]
Day one of new $QQQ short term down-trend; What’s up with $WKHS?
IndicatorsGMI: 3/6GMI-2: 2/8T2108: 48%The up-trend that just ended lasted a record (since 2006) 107 days. About 40% of new QQQ short term down-trends end within 5 days. It does not mean a new bear market. But if it lasts for more than 5 days it could lead to a significant decline and I would accumulate SQQQ. If a stock can hold up after the market’s recent steep decline and break to new all-time highs there must be something going for it. Check out this weekly chart of WKHS, which manufactures electric powered trucks. The stock went vertical, up 7x to a GLB and consolidated for nine weeks and is now moving up again. Flag like patterns like this can be explosive. The move out of the … [Read More...]
$QQQ Short term up-trend may end Wednesday after record 108 days, along with end of daily RWB up-trend
IndicatorsGMI: 3/6GMI-2: 1/8T2108: 42%Daily red/white/blue (RWB) up-trend pattern is when all short term exponential moving averages (red lines) are rising above all longer term averages (blue lines) with a white band separating them. Gray dotted line shows daily close, which leads averages up or down. Note dotted line is now among blue lines. When daily close retakes the red lines it could signal a possible start of a new up-trend. A major down-trend occurs when one has a BWR pattern, last seen in early April. The post $QQQ Short term up-trend may end Wednesday after record 108 days, along with end of daily RWB up-trend first appeared on Wishing Wealth Blog. [Read More...]