Tech stocks, as measured by the QQQ short term, are still lagging. But the GMI is at 5 and on a Buy signal.
Dr. Wish
IBD says correction over; GMI flashes Buy signal; GLD Stage 2 up-trend over
IBD used to say all up-trends began after a high volume follow-through day, until now. This was a very short and unusual down-turn. However, the QQQ short term down-trend remains in place by my count. Monday was the 7th day of this down-trend. Tech stocks have lagged the large cap stocks. It remains to be seen whether the techs will continue this rise.
Meanwhile, this weekly chart shows that GLD (gold ETF) is now below its 30 week average (red line) indicating the stage 2 up-trend is likely over.
6th day of $QQQ short term down-trend; GMI could signal a Buy
The GMI could signal a Buy with a strong day on Tuesday, even as the GMI-2 sinks to 1. This is a very split market with the tech and growth stocks lagging. I remain mainly in cash. Will stocks rally with earnings? Meanwhile, gold is breaking down and the Stage 2 advance appears to be over.