The QQQQ is one more down day away from a change in the trend to down. Another down day will also likely turn the GMI to one.
But it is important to wait for the signal and not to jump the gun. I am mainly in cash and will buy some QID if the market falls on Tuesday. QID is an ETF that is designed to rise twice as much as the QQQQ declines–it is an ultra inverse ETF. This has been the most difficult market for me to trade in a long time. Another strategy would be to wait in cash until this market shows real signs of an up-trend.