Both the GMI and GMI-R remain at zero. There were more than 700 new lows in my universe of 4,000 stocks on Tuesday. Cash is king.
Dr. Wish
GMI: 0; GMI-R: 0; Most new lows in 2 years; mostly in cash
The GMI and GMI-R are now zero. While the last two times these two indexes were zero the market bounced, I am concerned that the number of new 52 week lows (783) in my universe of 4,000 stocks on Friday was the highest, by far, that it has been since I began posting over two years ago. And the Worden T2108 indicator is at 31%, still well above the low levels at which bottoms have occurred. With all indexes I follow now below their 30 week averages, I think this may be the beginning of a severe market down-trend. Friday was the second day of the new short term down-trend in the QQQQ. I was stopped out of most of my very small positions on Friday and remain mainly in cash. I am not looking for bargains. This is the time for me to relax on the sidelines.