I usually wait for a new QQQ short term trend to last 5 days before I trade it. If the down-trend persists I will wade into SQQQ. Note the daily RWB pattern for QQQ is just about over. IndicatorsGMI: 5/6GMI-2: 4/8T2108: 56%
My long and short term indicators have turned down. I usually have more confidence in a short term trend change when it persists for 5 days but this tepid rebound looks to me more like a dead cat bounce? Note the lower volume on Mon...
About 40% of new QQQ down-trends last under 5 days. So I will slowly wade into SQQQ. Will this bounce hold? IndicatorsGMI: 4/6GMI-2: 3/8T2108: 57%
QQQ remains in a RWB pattern and in a small base. A close below 154.83 (lowest red line) would be a cause for concern for the short term. IndicatorsGMI: 5/6GMI-2: 8/8T2108: 51%
Z had a GLB to an ATH (all-time high) on Thursday on above average volume. Note earnings released yesterday. Z has a perfect RWB pattern (12/12/6/6). Here is the daily RWB chart. IndicatorsGMI: 6/6GMI-2: 7/8T2108: 50%