Suggested Strategy: Hold longs on strong stocks, consider new long positions as Alerts are issued from either the Best ETF, Strong ETF or Top Stocks watchlists.
Last week we looked at the Wilshire 5000 index which was coming very close to an all-time high.
This week I want to check 3 things, VTI, QQQ, and SPY ETFs for indications of next week’s trading posture.
You can also watch a video of this market timing presentation at this link.
Taking a look at the VTI ETF which is an ETR that takes advantage of the broader market, sort of represented by the Wilshire 5000
In last weeks market timing article, I mentioned that if the Wilshire 5000 got over 42300 that would constitute a new high.
What was very interesting this week is that the VTI ETF reached exactly the old high that was made in the middle of March.
The VTI ETF actually made a high of 209.3 in March, and it just so happens that was the high made on Thursday.
So Thurdays high of 209.3 equals the old high on the vti ETF, which is awesome accomplishment.
The QQQ managed a new high as the weekly chart bounced once again from the uptrending support line.
The QQQ daily chart made an even more impressive move as it opened with a gap and increased in price from the open, closing at the highs of the day.
The SPY had a similar performance bouncing from it’s support line on the weekly chart and moving up sharply on Thursday.
The SPY had similar action on the daily chart as the QQQ, opening with a gap up and increasing throughout the day to close very near the highs of the day.
AMAT stock from the top stocks list that was mentioned in last weeks post continued its upward move with almost a 12% gain for the week.
Here is what I mentioned in last weeks post:
Tech stocks AMAT and ASML shot out of bases on almost double average volume perhaps indicating more of the same next week.
And AMAT certainly added to gains this week.
Watch the Alerts page for more powerful moves as they develop.
