The Qs have closed back above the major median line confirming the trend is up. At least near term, I expect the green trendline to provide support, but once 5 waves up are complete a 50% to 62% retracement is likely that will carry the Qs below the major median line briefly once again.
If they are able to move back above it after the correction, then a strong move toward the upper trendline is not out of the question.
A point about the MACD. In general, Gerald Appel advocates selling only on the second signal after a buy signal (or using a slower MACD for selling such as 19,39,9). The only reason to sell would be if the MACD falls below its recent low after a sell signal.
2 comments:
An interesting anomaly this morning, Q's & SPY are up whereas NASDAQ cash & SPX cash are down. Normally, this anomaly when it exists is very brief & results in a turn back up. However, this has existed ever since the open this morning.
It may delay the beginning of the return move to this week's point of breakout til Monday (to begin).
This kind of market is one where when they ring the bell at the end of today i'll be wishing it was Monday morning already. I guess i'll have to enjoy the British Open.
Regards,
dave
"This kind of market is one where when they ring the bell at the end of today i'll be wishing it was Monday morning already."
That's a gym rat speaking. LOL
Regards,
dave
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