Does anyone notice that QQQQ daily chart shows a new uptrend from its 52 weeks low of $25? The down trend has ended as QQQQ broke higher to recent high of 30.83(Above 50 SMA=30.50). Price close on Friday above 10 & 20 SMA. AAPL also shows the the strongest chart. Its downtrend ended at 52 weeks low=$79.14. New uptrend is also starting. Now trading above 10, 20, 50 SMA-daily. GOOG too. New uptrend from 52 weeks low of 247.30. Now Its trading above both 10 & 20 SMA-daily. Its going to cross above 50 SMA=323.47 for sure in the near future. Judging from these Nasdaq leaders, I'd say Nasdaq will be heading higher near term. 50 SMA is the resistance. Though I am not surprise to see most Nasdaq leaders will eventually trade above 50SMA-daily. Next week with GS earning and FED meeting, buying on weakness is a wise move than shorting because we will move higher for the next coming weeks. Buying at pull back; My entry point=20 SMA daily chart; Target at/near 50 SMA as I don't want to stay in any positions for too long. I'd appreciate any sound intelligent comments. Thank you.
I have trend-long signals generated on all of those during this past week. Which I ignored, as I'd already aggressively sold OTM puts back when VIX was threatening triple-digits. Time will tell which decision, if either, was correct.
^^ How do you get a LONG-trend signal for QQQQ, AAPL & GOOG long ago when they were trading below 20SMA? All of QQQQ, AAPL & GOOG charts just show a new uptrend starting from 52 weeks low as EMA(8) starting to cross above EMA(21) just last week. I had no ideas where you get the LONG signal long ago.
Apologies - GOOG didn't hit - I was going from memory and just rechecked. It's not a "trend" signal, it's a "go long, potential trend starting" signal. Moving averages have no impact for me, because I do not use a definition of trend that uses moving averages (I don't MAs for anything, frankly). Since trend is a completely arbitrary mathematical construct, you are of course free to use your own arbitrary definition that does use MAs. Hope that helps!
==================== Kit1996; Well since sideways trends can profit some sellers, i see that; but he may have meant long/not short. MSFT is not above 50 day moving average[medium/important trend] ; but INTC,GOOG,AAPL are cleanly/clearly above 50 dma. QQQQ ,SPY, some RE sectors look like [with discretion]; look like, [repeat with discretion] look like they may cross 50 dma. But even if its the start of a new bull market, which is possible; actually its a bear rally which to me is much, much , different from an uptrend. Actually with a brilliant banker/US treasury like Fed head Timothy G, thats bullish; but its still a bear rally[overdue, as noted ], until it spends much time above 200 dma.
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