The GMI remains at zero, as the averages reversed off of their lows on Wednesday. Between 53-65% of the stocks in the Nasdaq 100, S&P 500 and Dow 30 indexes rose on Wednesday. But only 30% of the IBD 100 stocks rose, and only 21% closed above their 30 day averages. Only 35% of the IBD 100 remain above their 10 week averages. There were only 13 new highs and 163 new lows in my universe of 4,000 stocks. This was the greatest number of new lows since last October. Only 6% of stocks are in a short term up trend, a new record low. Wednesday was the tenth day (D-10) of the current short term down trend in the QQQQ. It remains to be seen whether stocks can manage to rally from here. Regardless, the trend remains down and I will remain in cash or short.
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