GMI: 6; GMI-R: 10; Rally continues

The GMI and GMI-R are at their maximum values.  The GMI-S is at 100% and the GMI-L at 75%.  With readings like these I must be long, at least for now.  63% of the Nasdaq 100 stocks are now above their 30 day averages.   There were four times as many new highs than new lows (166/40) in my universe of 4,000 stocks on Wednesday.  It looks like the QQQQ has successfully tested its 30 week average for the 4th week in the past seven weeks.  (Click on chart to enlarge.) A close above 52.84  would confirm for me the strength of this new rally.

• Next Post »
• « Previous Post

Add a Comment