IBD says market in correction and GMI turns Red, 8th day of $QQQ short term down-trend; But still in Stage II up-trend

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GMI-22/8
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Weekly chart shows QQQ still above critical rising 30 week average (solid red line). It is therefore still in a longer term Weinstein Stage II up-trend. Notice the heavy selling the past 2 weeks. A close below this average would be a dire signal. In the past, I would exit the market in my university pensions when the 30 week average curved down. When that happened it was often the beginning of a major market decline.  Stay tuned. The buy the dip crowd is getting a taste of how difficult it can be to ride the market. The GMI has closed below 3 for 2 days and this has triggered a Red signal. It is much easier to make money trading long when the GMI is Green. Mainly in cash in my IRA with a little SQQQ.

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