The GMI and GMI-R are both back to zero. Tuesday was the 23rd day in the QQQQ short term down-trend. As bad as it looked, there were only 50 new lows in my universe of 4,000 stocks, compared with 1,453 on January 22nd. So the damage on Tuesday was not nearly as great as that a few weeks ago. There were 13 new highs in my universe of 4,000 stocks on Tuesday. The Worden T2108 indicator is now back to 38%, well above bottoming territory. Only 25% of the Nasdaq 100 stocks closed above their 30 day averages.
The down-trend continues and we should not try to guess a bottom. We are only about 13 weeks from the top, and down-trends often last 9-12 months. The key is to wait for a convincing turn before going long again. Only masochists and gamblers hold stocks at times like these.