Time to fade the Qs? The Qs hit Carl Futia's target of 48.70 yesterday, rising to an incrdible R4 level just before the close on moderate volume. The TRIT (not shown) was very strong all day, hovering at .65 and dropping to .57 at 11:30 (PST) to signal the impended explosion up, up and away and closing at .62, (final TICK adjusted to .66). With 7 higher highs at it's back, the Qs are pushing the odds.
Although we did get a DOW retracement today it was very tame and controlled, with the TRIN running steady at .82 all day and the TICK commencing an upslope at 12:30 (pst) which continued right into the close. DIA opened at PP, falling to S2 at midday and closing close to the daily high right at PP. This is not a bearish pattern.
The TRIT, TRIN and TICK are very powerful indicators and I have learned (painfully) that trading against them only incurs pain and loss of equity.