The GMI is still at a maximum of 6, with the QQQQ in its 23rd day of a short term up-trend. The Worden T2108 indicator is now just short of 80%, near the highest level that the market goes to. T2108 is the percentage of NYSE stocks that closed above their 40 day moving averages. The indicator bottomed below 8% in August and has now fully recovered. This indicator represents to me a pendulum of the market and it has now swung to the bullish extreme. The market can often remain strong for several months with the indicator at this extreme level.
Stocks over their 100dma , have crossed UP over those above their respective 150 , 200dma’s . This has ocurred over the last 4 market sessions . This has previously been a sign of much stronger upside to come . In spite of crumby market news , and gloom about housing , up she goes . Wall of Worry .
There seems to be a correlation between the VIX and market momentum indicators over the last 5 days . Is this normal near momentum bottoms , I see more volatility ahead on the VIX then .