Dr. Wish

The GMI remains at one.  75-87% of the stocks in the Nasdaq 100, S&P 500 and Dow 30 indexes advanced on Thursday.  Thursday was the 8th day in the current QQQQ down-trend. 

The GMI remains at one.  Only 35-40% of the stocks in the Nasdaq 100, S&P 500 and Dow 30 stock indexes rose on Wednesday.  There were only 49 new highs in my universe of 4,000 stocks and 31 new lows.  Only 11% of these stocks are in a short term uptrend and only 34% closed above their 10 week averages.  The QQQQ and SPY are in their second week below their 10 week averages.  The QQQQ down trend is in its 7th day.  I am mainly in cash and looking for shorts.

See my disclaimers at the bottom of my prior post.

The GMI remains at one, and the GMI-S is now zero.  All of my short term indicators for four indexes are negative.  The bounce on Tuesday is far from signifying a change in trend.  It will take a lot of time for the technical damage to be healed.  I am looking for an opportunity to short this market once it rebounds to resistance levels. I would be interested in QID below 54 as a bet for the QQQQ to fall again.