Posted Wednesday, August 18, 2010 @ 7:00 am by Dr. Wish
Oversold rally continues
The GMI and GMI-R remain at one, reflecting the weakness in the short and longer term averages for the major market indexes. But there were 150 new highs and 25 new lows in my universe of 4,000 stocks on Tuesday. The SPY, QQQQ and DIA are still short term oversold, indicating that this rally may have further to go. The most positive sign I see is that the 30 day averages for all of these indexes have curved up (see daily QQQQ chart below). The longer term averages remain flat and could go either way.
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