While the GMI rose to 4, the QQQ may enter a short term down-trend on Friday. Many of the recent leaders have cracked: FB, NVDA, WB. I am preparing to wade into SQQQ if the QQQ is weak on Friday. Interest rates are spiking, as shown by the gap down in the 20+ year treasury bond ETF, TLT, on Thursday.
This bond market bubble is slowly leaking air, probably exactly how the Fed hopes it works out. Any major spike in yields will be a negative for this market, given its rich valuation.