The GMI rose to 3 out of 6 and the GMI-R to 5 out of 10. There were 105 new highs on Tuesday in my universe of 4,000 stocks, the first time there were
more than 100 new highs since December 26. 58% of the Nasdaq 100 stocks closed above their 10 week average. The Worden T2108 indicator is now at 60%. Nevertheless, the QQQQ and SPY have now closed below their 10 week averages for 16 weeks, and these markets remain in a down-trend. However, the short term trend is strong, with the GMI-S at 88%, reflecting that 14 of 16 indicators for four index ETF’s are now positive.
