Blog Post: Day 58 of $QQQ short term up-trend, it may end on Friday. Now we see if last Friday’s bounce will hold. $AMZN has a failed GLB, see daily chart.
Many tech leaders are being slaughtered. Many breakouys are failing. Not just techs are weak. See this failed GLB by AMZN after its large volume earnings gap up on 10/31. To remain a successful GLB, the stock must not close back below the green line. I am mainly in cash in my trading accounts, while holding a little SQQQ. I will add more SQQQ with continued weakness in QQQ on Friday and the start of a short term down-trend. I will accumulate SQQQ very slowly. Many new QQQ short term down-trends have ended within 5 days. I will add more after 5 days or go back to TQQQ with the start of a new short term up-trend. GMI is down to 3 (of 6).
