IndicatorsGMI: 6/6GMI-2: 6/8T2108: 77%Since QQQ has retaken its 30 week average, the GMI is now= 6 (of 6). I have begun going long in my trading account. I will wait for the 30 week averages to curve up to begin transferring money in my university retirement accounts back into mutual funds. Check out this Weekly 10:30 chart of QQQ. I would like to see QQQ close a few weeks above its 30 week average (red line). It is good that the 10 week average (blue dotted line) is already curving up. The weekly closing price is the gray solid line. We are not out of the woods yet, however. AAPL is looking quite strong. Here are six stocks near ATHs that passed my Weekly Green Bar scan. All are above their last green … [Read More...]
Blog Post: Day 17 of $QQQ short term up-trend; $SWAV has GLB on huge volume, see chart
IndicatorsGMI: 4/6GMI-2: 5/8T2108: 73%The post Blog Post: Day 17 of $QQQ short term up-trend; $SWAV has GLB on huge volume, see chart first appeared on Wishing Wealth Blog. [Read More...]
Blog Post: Day 16 of $QQQ short term up-trend; $QQQ, $DIA and $SPY stalling at 30 week average, see weekly charts
IndicatorsGMI: 5/6GMI-2: 6/8T2108: 74%QQQ and DIA look like SPY. Failure to climb above declining 30 week average this week could signal more weakness. This is a weekly chart. Look what happened last April. The post Blog Post: Day 16 of $QQQ short term up-trend; $QQQ, $DIA and $SPY stalling at 30 week average, see weekly charts first appeared on Wishing Wealth Blog. [Read More...]
Blog Post: Day 15 of $QQQ short term up-trend, GMI back to 4 (of 6); How to use hourly/daily/weekly GMMA charts to analyze the market.
IndicatorsGMI: 4/6GMI-2: 5/8T2108: 71%While the QQQ is in ints 15th day of a short term up-trend, I find it useful to look at how its adapted GMMA charts look. This consists of 12 exponential moving averages with different periods and a 13th average equal to 1 which shows the current price. In an up trend one wants to see the closing price (dotted line) leading all of the other averages higher. The 6 shorter averages are red and the 6 longer averages are blue. I draw it on a white background. When the red averages are rising above the blue leaving a white space between them I call it a RWB up-trend. The opposite is a BWR down-trend. These charts also reveal bases when all of the red … [Read More...]
Blog Post: Day 14 of $QQQ short term up-trend; GMI=5 now that QQQ closed above its 30 week average; $DGII and $OTTR have GLBs, see weekly charts
IndicatorsGMI: 5/6GMI-2: 6/8T2108: 70%We still have yet to get 100 new yearly highs among US stocks that will incease the GMI to 6/6. This market continues to climb. However, only 2 stocks came up in my Weekly Green Bar scan of 806 stocks in my IBD/MS watchlist. DGII and OTTR have also had GLBs this week. Here are their weekly charts. Note their volume through Thursday has already exceeded their typical full week’s volume. Part of my scan requires that RS (relative strength vs SPY) to be at a 20 week high. The weekly green bar on the chart represents a bounce up off of a rising 4 week average (red dotted line). The post Blog Post: Day 14 of $QQQ short term up-trend; GMI=5 now that QQQ closed above its 30 … [Read More...]
Blog Post: Day 13 of $QQQ short term up-trend;$AAPL now in 2nd week above 30 week average, see weekly chart
IndicatorsGMI: 4/6GMI-2: 5/8T2108: 72%The post Blog Post: Day 13 of $QQQ short term up-trend;$AAPL now in 2nd week above 30 week average, see weekly chart first appeared on Wishing Wealth Blog. [Read More...]
Blog Post: Day 12 of $QQQ short term up-trend; Weekly chart shows $QQQ remains in a Stage 4 down-trend
IndicatorsGMI: 3/6GMI-2: 5/8T2108: 82%The post Blog Post: Day 12 of $QQQ short term up-trend; Weekly chart shows $QQQ remains in a Stage 4 down-trend first appeared on Wishing Wealth Blog. [Read More...]
Blog Post: Day 11 of $QQQ short term up-trend; MACD hourly histograms reveal weakening in $QQQ, $SPY and $DIA
IndicatorsGMI: 4/6GMI-2: 5/8T2108: 71%One of the ways I use the 12/26/9 MACD indicator is to focus on the hourly histograms. Study this hourly chart to learn how to use this indicator. When the histograms decline and turn black, it can signal weakness. The hourly histogram is a very short term indicator and signals small moves. Note the weakening momentum now even as the price has been climbing. Similar negative divergence occurred a week ago. Note also how the rising red histogram bars foreshadowed the recent bounce. Similar patterns of negative divergence are also evident in SPY and DIA where the histograms have also turned red. The post Blog Post: Day 11 of $QQQ short term up-trend; MACD hourly histograms reveal weakening in $QQQ, $SPY and $DIA first appeared … [Read More...]
Day 10 of $QQQ short term up-trend, since Day 1 QQQ (+9%), TQQQ +27.7%, beating all Nasdaq100 stocks and all but 2 S&P500 stocks, ENPH (+37.7%) and…
IndicatorsGMI: 4/6GMI-2: 5/8T2108: 70%If I had bought TQQQ on Day 1 of the QQQ short term up-trend, I would have beaten almost all stocks. I have demonstrated this strategy many times. The key is to buy TQQQ on Day 1 even though the new up-trend is most suspect. I have also written that a change in the short term trend trend is most reliable after it reaches Day 5. The key to this strategy is to slowly accumulate the triple leveraged ETF. I hope some of my readers have done so. The GMI remains Green. The longer term trend is still down, however. The post Day 10 of $QQQ short term up-trend, since Day 1 QQQ (+9%), TQQQ +27.7%, beating all Nasdaq100 stocks and all but 2 S&… [Read More...]
Blog post: Day 9 of $QQQ short term up-trend; First time >100 (106) new US highs since June 8; 26 IBD/MS stocks at ATH sorted by gain over last…
IndicatorsGMI: 4/6GMI-2: 6/8T2108: 67%I scanned my watchlist of 807 stocks that had been on IBD or MarketSmith lists in the recent past. These 26 stocks, sorted by close today/close 250 days ago, may include some new market leaders. Note that CEIX is at the top, having almost tripled during the past year. Here is its monthly chart. LNTH is ranked second. Here is the full list. The post Blog post: Day 9 of $QQQ short term up-trend; First time >100 (106) new US highs since June 8; 26 IBD/MS stocks at ATH sorted by gain over last year; $CEIX, $LNTH….. first appeared on Wishing Wealth Blog. [Read More...]
Blog post: Day 8 of $QQQ short term up-trend; 69 US new highs, 122 new lows; 91% of Nasdaq 100 stocks rise; $AAPL up against declining 30 week average…
IndicatorsGMI: 3/6GMI-2: 5/8T2108: 62%If AAPL can retake and hold its 30 week average it bodes well for tech stocks. AAPL reports earnings Thursday. Weekly chart. The post Blog post: Day 8 of $QQQ short term up-trend; 69 US new highs, 122 new lows; 91% of Nasdaq 100 stocks rise; $AAPL up against declining 30 week average as it reports earnings first appeared on Wishing Wealth Blog. [Read More...]
Blog post: Day 7 of $QQQ short term up-trend; $MLI has GLB on above average volume, see daily, weekly and monthly charts
IndicatorsGMI: 3/6GMI-2: 2/8T2108: 51%According to MarketSmith, MLI has comp=98, EPS=99 and RS=97. For a stock to trade at an ATH in such a weak market it is showing incredible relative strength. MLI reported good earnings today. See daily, weekly and monthly charts. Must not close below green line (63.07). Not a rec, for educational purposes only. Most break-outs fail in a weak market. See my recent talk on Day 3 of the TraderLion conference for a discussion of my GLB indicator. I presented after the wonderful John Boik. The post Blog post: Day 7 of $QQQ short term up-trend; $MLI has GLB on above average volume, see daily, weekly and monthly charts first appeared on Wishing Wealth Blog. [Read More...]
Blog post: Day 6 of $QQQ short term up-trend; $CEIX to ATH after holding GLB, see daily and monthly charts
IndicatorsGMI: 4/6GMI-2: 5/8T2108: 55%CEIX came up on one of my scans again. MarketSmith says earnings expected to be up +698% in 2022 and another 155% in 2023. Coal is king!, for now. See daily and monthly charts. Note recent GLB. The post Blog post: Day 6 of $QQQ short term up-trend; $CEIX to ATH after holding GLB, see daily and monthly charts first appeared on Wishing Wealth Blog. [Read More...]
Blog post: Day 5 of $QQQ short term up-trend; $GPC has GLB to ATH on Friday, see charts; Comp rating= 98 and RS=93; $RYAN also has a GLB; See video…
IndicatorsGMI: 3/6GMI-2: 5/8T2108: 52%I ran a scan of stocks near their ATH that had hourly, daily and weekly RWB patterns. Seven of 7,421 stocks came up. Two of them had GLBs last week, GPC and RYAN. GPC has the better fundamentals on MarketSmith and broke out on above average volume. RYAN is a recent IPO and trading volume last week was below average. Be very careful buying GLBs during this market down-trend. Many fail. When only 7/7421 of US and foreign ADRs were this strong technically, it tells me how weak individual stocks are. This description of RWB patterns, which I have edited to include hourly time frames, can be found in this blog’s glossary tab. RWB (red white and blue) pattern This is the term I … [Read More...]
Blog post; GMI flashes Green; Day 4 of $QQQ short term up-trend; Weekly chart shows likely support and resistance for QQQ
IndicatorsGMI: 4/6GMI-2: 5/8T2108: 54%The place where QQQ has found support is at its trend channel line (red line). If this rally fails that is the likely next support which coincidentally is near where the last GLB in 2020 occurred. On the other hand, the place where this rally may stall out is at its 30 week moving average (red line curving down). We will just have to wait to see the outcome and be very nimble. I am slowly buying TQQQ to ride this short term up-trend. If it stalls I will exit immediately. QQQ is still in a stage 4 down-trend. The post Blog post; GMI flashes Green; Day 4 of $QQQ short term up-trend; Weekly chart shows likely support and resistance for QQQ first appeared on … [Read More...]