No need for a video or lengthy post in regards to the stock market as we haven’t had any material changes in the technical posture of the major stock indices (on the significant daily time frames) over the past two months. The uptrend is still intact as QQQ continues to trade above my primary (blue) uptrend line & well above the 251ish price support. The xext sell signal is still pending a solid break and/or daily close below the trendline.
QQQ daily Aug 21st
The daily charts below are those posted on the site going back to late June, highlighting the same uptrend line, awaiting a sell signal on a break below it which has yet to come.
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- QQQ daily June 29th
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- QQQ daily June 30th
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- QQQ daily July 6th
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- QQQ daily Aug 6th
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- QQQ daily July 16th
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- QQQ daily July 31st
Ditto for SPY which continues to trade above its comparable uptrend line on the daily time frame, although the S&P 500 continues to stall around the previous reaction high from February while the recent sell signal on the 60-minute time frame remains intact for now.
SPY daily Aug 21st
Not much else new to report on the other assets classes & sectors that I’ve been highlighting recently, including gold & silver which pretty much closed on those support levels highlighted in today’s earlier post. Have a great weekend!
~RP