The GMI and GMI-R remain at zero. Only 10 new highs and 66 new lows in my universe of 4,000 stocks on Tuesday. This is not a market for buying stocks at new highs or at breakouts. The Worden T2108 is now at 22%, a level where a bottom could occur. Nevertheless, the major indexes remain in confirmed down-trends. It is nice to be on the sidelines in cash.
Dr. Wish
GMI: 0; GMI-R: 0; 15th day of QQQQ down-trend
My market indicators are back to zero. There were only 18 new highs and 28 new lows in my universe of 4,000 stocks on Monday. Time to be on the sidelines, safely in cash. A market like this may be great for day traders, but not for methodical trend followers. If you can't resist being in the market, you have an addiction, not a serious money making pursuit.
GMI: 1; GMI-R: 3; 14th day of QQQQ down-trend; still mainly in cash
The GMI has increased to 1 (of 6) and the GMI-R to 3 (of 10). There were 319 new highs and 81 new lows in my universe of 4,000 stocks on Friday.
The major trends are still down, in spite of the huge bounce at the end of last week. It will take a lot more of an advance to turn my daily and weekly indicators for the QQQQ and SPY positive. Friday was the 14th day of the current QQQQ down-trend. This is still a good time to be mainly in cash as the fiinancial markets sort things out.