$DIA, $QQQ, $SPY have failed GLBs; GMI=3 (of 6)

GMI3/6
GMI-22/8
T210849%

The three index ETFs failed to hold their recent green line break-outs (GLB) to all-time highs. Failure of a GLB can be a serious sign of impending near term technical weakness. Tuesday was the 82nd day of the QQQ short term up-trend and is approaching the longest short term up-trend (88 days) since 1990. This fact, alone, suggested to me that we would experience some weakness. Tuesday’s high volume decline indicates an IBD type distribution day.

 

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