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IBD says uptrend under pressure, but also that the put/call ratio was above 1 on Tuesday. Surprisingly, AMBA hit a new all-time high on Tuesday. It remains in a strong RWB up-trend and above its green line break-out. (I own some.) Maybe funds wanted to dress up their end of quarter portfolios with this winner.
But QQQ closes back above its 10 week average! The bounce is holding thus far.
Another weak day and the GMI will flash a Sell signal.
IBD again sees market uptrend under pressure. A flat or down day on Thursday will change the QQQ short term trend to down.
OVAS, a biotech I have been watching since its green line break-out, broke out again on Tuesday:
All of my GMI components are positive. IBD still sees uptrend under pressure.
Jazz takes off, with an RWB pattern and a close above its green line top.
The new up-trend will have to last 5 days for me to have confidence in it. It is very strange and noteworthy that only a minority of the Nasdaq 100 stocks rose as that index advanced. IBD still sees the market uptrend under pressure.
Another up day on Tuesday will start a new QQQ short term up-trend.