I moved to a largely defensive position on Tuesday. The QQQ short term trend could turn down today if the index does not rebound strongly. The DIA (Dow 30 ETF) looks much worse than the QQQ and the SPY. The DIA is now below its 30 week average, a sign of major weakness. Check out this weekly chart and compare it to the one of the QQQ I posted earlier this week. If the red line (30 week average) curves down, it is a very ominous signal. The GMI could also issue a Sell signal this week if it has 2 days below 3.