The GMI rose to +2 on Monday. There were five times more new highs than lows (165/31) in my universe of 4,000 stocks, a promising sign. 86% of the Nasdaq 100 stocks advanced Monday, along with 80% of the S&P 500 stocks, but only 57% of the Dow 30 stocks. The daily QQQQ and SPY indicators are too close to call. An advance today will turn them positive. A number of my internal indicators improved yesterday. 36% of stocks are now above their 10 week averages and 25% are in a short term up-trend. Almost two-thirds (64%) of the 177 stocks that have doubled in the past year are now above their 30 day averages– the strongest stocks are recovering. And there are more stocks within 5% of their yearly highs than lows (15% vs. 11%). Monday was day three of the current QQQQ downtrend (D-3).
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