The GMI is still at +6. However, some of my other indicators are down from their recent peaks reached last Friday, including the percentage of stocks in a short term up-trend (59%, down from 65%) and those above their 10 week averages (69%, down from 73%). There were 359 new highs on Tuesday, the highest since July 20. The fact that the market closed off the highs of the day is troubling, but not enough to change the current outlook. Tuesday was the 25th day of the current up-trend. Between 53%-63% of the Nasdaq 100, S&P 500 and Dow 30 stocks advanced on Tuesday. Check out my discussion of JNJ as a sick stock posted on Saturday if you missed it. It’s all in the chart!
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