The GMI count was 3 at last Thursday’s close, not 4 as I had posted. The GMI closed at 4 on Monday and another up day on Tuesday will trigger a GMI Buy signal. Check out yesterday’s GMI table for the accurate count. Sorry for the confusion. IBD still sees the market in a correction.
Don’t forget your comments on 4/13 regarding the head and shoulders. This could be a move up to 89 in the QQQ (~3%) which would complete the pattern. Volume has been soft on this rise as well.
The DJ-20 Transport Ave is at all time highs today, the SPY is above the 50 day moving average, the Energy sector is working, and the QQQ’s are getting a little more attention. The SPY is approaching the top of the “trading box” or overhead resistance as some prefer to call the chart. Other than enduring the current portfolio chop, I am seeing a pulse in this market earnings season.