3rd day of $QQQ short term down-trend; IBD: correction here; Small caps ($IWM) in trouble

GMI1/6
GMI-23/8
T210820%

A close of the QQQ below 94 would be a serious sign of weakness.   QQQ closed Tuesday at 94.59. IBD has just labeled the “market in correction.” Maybe they heed the GMI signal??!! I am mainly in cash and short the market in my trading accounts.

Note this ominous chart of small cap stocks reflected in the IWM ETF.   There is a double top (horizontal red line), a decline below the critical 30 week average, and a lot of red spikes of high volume on down weeks.   What is this chart telling us about the market?

IWMwkly08052014

 

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