GMI: 0; GMI-R: 0; 15th day of QQQQ down-trend
The GMI and the GMI-R remain at zero, the lowest reading possible. There were 726 new lows in my universe of 4,000 stocks on Tuesday, the most since the market low last March 17 (at 723). There were only 40 new highs on Tuesday. On January 22 during a spike down in that long decline, there were a maximum of 1,453 new lows, indicating that the March and June declines while similar to each other, have been much less damaging than the decline last January. It remains to be seen whether the current decline will produce the extreme number of new lows that occurred last January. Tuesday was the 15th day of the current QQQQ down-trend. The Worden T2108 indicator remains at 15%, a level at which some declines have bottomed out. If this indicator falls below 10% I will begin to suspect a bottom may be near.
Comments ( 1 Comment )
Gabriel added these pithy words on Wed, 7-2-08 at 6:37 pmHello
I am looking at the T2108 of today July 2nd and I see 11.34%.
You said that it is at 15%. Are we looking at different T2108′s?
Thanks you.
BTW whet T2118 turns up from below -2000 it sometimes indicates a reversal.
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