22nd day of QQQ short term up-trend; T2108 weak; IBD: up-trend under pressure

GMI5/6
GMI-24/8
T210846%

The Worden T2108 is now at 46%, lowest since late November.   T2108 measures the percentage of NYSE stocks closing above their average price over the past 40 days. It bottomed out at 17% last November at the bottom of the market’s decline in late 2012 (see weekly chart below). IBD now calls the current up-trend under pressure. We need to watch very carefully for signs that the market weakness will continue. I am not taking on any new long positions.

T2108weekly04042013

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