New $QQQ short term down-trend; IBD sees market in correction; GMI likely turns Red Wednesday

GMI2/6
GMI-21/8
T210821%

At 1.12, the put/ call ratio is still not extreme enough for a meaningful bottom. Similarly, the T2108, now at 21, needs to fall to single digits to suggest to me a bottom. The daily RWB up-trends in SPY, DIA and QQQ are over. IBD sees market in correction. I sold some of my university pension mutual funds Tuesday. Perhaps most troubling to me is the fact that DIA is below its 30 week average, solid red line in the weekly chart below. End of Stage II up-trend?

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