The GMI stayed at +6 but many indicators weakened Monday. Only 15% of the Nasdaq 100 stocks advanced, the lowest percentage since October 27. The next day, the current rally in the QQQQ began. 23% of the S&P 500 stocks and 37% of the Dow 30 stocks also rose on Monday. There were 184 new highs among the 4,000 stocks in my universe. Still there were large decreases in the percentage of stocks in a short term up-trend (-4) and that closed above their ten week averages (-7). Only 70% (-14%) of stocks that doubled in the past year are now above their 30 day averages. I added a new indicator today, the percentage of stocks that have doubled in the past year that hit a new high. Only 18% of the doublers hit a new high on Monday. Thus the strongest stocks did not appear to be very strong. Tuesday was the nineteenth day of the current QQQQ rally (U-19).
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