The GMI is still 1 and the GMI-S has returned to zero. Only 3-4% of the stocks in the Nasdaq 100, S&P 500 and Dow 30 indexes rose on Tuesday. Only 13% of the Nasdaq 100 stocks and 46% of this week’s IBD 100 stock list closed above their 30 day averages. Tuesday was the 11th day in the current QQQQ down-trend. It remains to be seen whether these declines will surpass the lows of last week. Right now there is so much technical damage to the indexes that I am either short or in cash.
See my disclaimers at the bottom of yesterday’s post.