Stock Market Technical Indicators & Analysis
Dr. Wish The GMI remains at 6 and the QQQQ is in its 52nd day of its up-trend. Furthermore, the short term interest rate indicator I have been writing about plunged on Friday. 
The sustained down trend in this indicator suggests to me that the next move by the Fed will be to lower rates.
See my disclaimers at the bottom of my prior post.
The GMI is back to 6, after rising to 5 on Wednesday. 
In addition, the short term interest rate indicator I have been writing about fell yet again on Thursday and is approaching its weekly low. This indicator continues to suggest that the Fed is letting short rates fall. Anyway, why do they need to raise short rates when the bond market has already driven long rates up? Rising mortgage rates will do a lot to cool off this economy and the Fed will probably have to come to its rescue soon.
In the meantime, I eagerly await option expiration on Friday so that I can collect my 3%+ monthly premiums from selling calls. Also, note that FTO, which I wrote about at 40.26 on 5/31 (I own it) is now at 42.91 and appears to be gaining strength….
On Tuesday, only 23% of the Nasdaq 100 stocks rose, along with just 9% of the S&P 500 stocks and 10% of the Dow 30 stocks. 
There were only 52 new 52 week highs in my universe of 4,000 stocks and few successful new highs from 10 days ago. The Daily SPY Index is negative and the Daily QQQQ Index will turn so after one more day below its important 30 day moving average. The SPY is now below its 10 week average after staying above it for 10 weeks. The Worden T2108 Indicator fell to 36%, still far above the 20% + level to which market declines have often fallen to. In spite of all the talk about rising inerest rates, the short term interest rate index remains in a down-trend!
I have only 3 more days before option expiration when many of my stocks will be called away. Still, much of this month’s gains have disappeared with this decline. And the GMI-S index of short term indicators has fallen to 25. If the QQQQ Index goes negative, I will start buying the Ultra Short ETF for the QQQQ, QID. In that way I can make money as the market falls. It may still prove right to "sell in May"……….
See my disclaimer at the bottom of my prior post.