The GMI fell to 4. There were only 78 new highs in my universe of 4,000 stocks and a reduction in the number of successful 10 day new highs. Only 32% of the Nasdaq 100 stocks rose on Tuesday, along with 40% of the S&P 500 stocks and 50% of the Dow 30 stocks. The QQQQ up-trend is intact and in its 22nd day…..
GOOG weakened on huge volume, after Yahoo’s news of a reduced sales forecast. GOOG is back below its declining trendline but is still in an up-trend. Wednesday’s action should provide clues to whether GOOG’s decline is just a temporary setback or the start of a meaningful decline.
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