Dr. Wish

No changes in my primary indicators.  However, about three quarters of the stocks in the NASDAQ100 and S&P500 indexes now have their MACD above its signal line.  This indicates at least a bounce.  The last time we had readings like this was around August 19.  Thursday was the 43rd day of the current QQQQ short term down-trend.

There were 5 new highs and 145 new lows in my universe of 4,000 stocks on Wednesday.  The QQQQ short term down-trend continues, now in its 42nd day.  LPHI hit a new high on Wednesday, and is still showing unusual strength.  It also traded within  $0.24 of its all-time high. The major promising technical sign I found today was that about 60% of the NASDAQ 100 stocks and S&P500 stocks are now trading with their MACD above its signal lines.  This is a sign of underlying technical strength not seen since last August.  In contrast, on October 10th only 1% of stocks had  MACD's above their signal lines. I remain short and mainly in cash.

The GMI remains at zero, but the more sensitive GMI-R rose to one (of 10). There were 5 new highs and 994 new lows in my universe of 4,000 stocks on Tuesday.   The T2108 indicator is at 4%.   It will take a lot more of a rise in the indexes to turn the trend around.   Tuesday was the 41st day of the current QQQQ short term down-trend.   I am keeping an eye on LPHI, which is again showing strength.