Blog Post: Day 17 of $QQQ short term down-trend; More US new highs than lows for last 3 days in this bounce; Major indexes converging with their declining 4 wk averages, thus less oversold; see weekly chart of SPY and daily Guppy chart

I told you that when a declining stock has its weekly high far below its declining 4 wk avg (red dotted line) the stock usually converges back with the average. That is happening thise week with the major indexes. See oval in this chart of SPY. It is likely that once the two kiss, the decline could resume. The 4 wk average declining below the 30 week average (red solid ine)  is another major sign of technucal weakness. The daily adapted Guppy chart reveals a steep  BWR down-trend.

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