The GMI remains at zero, but the GMI-R rose to one. There were 6 new highs (EBS, LHCG, CBST, UTI, TLH and OSIR) and 92 new lows in my universe of 4,000 stocks on Tuesday. EBS continues to show outstanding strength, and the other 5 new highs also bear watching. Some look very promising. Monday's decline might have been a false move. Let's see if the market can recover all of the losses this week. Tuesday was the 65th day of the current QQQQ short term down-trend.
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GMI: 0; GMI-R: 0; Down-trend continues; 64th day of QQQQ down-trend; EBS strong; in cash or short
The GMI and GMI-R are both back to zero. There were 8 new highs and 117 new lows in my universe of 4,000 stocks on Monday. The QQQQ failed to break through resistance and Monday was the 64th day of the current QQQQ short term down-trend. EBS shows amazing relative strength, hitting a new high and ending down only 0.25. Best to remain in cash or short.
GMI: 0; GMI-R: 2; T2108: 25%; Up-trend coming?
The GMI remains at zero (of 6) and the more sensitive GMI-R at 2 (of 10).
Friday was the 62nd day of the current QQQQ short term down-trend. The Worden T2108 is now at 25%, out of bottom territory, and the highest reading since September 22nd. There were 12 new highs and 21 new lows in my universe of 4,000 stocks on Friday. The last time we had so few new lows was August 28. 82% of the Nasdaq100 stocks have a MACD above their signal lines. So, the market is showing some signs of strength. We are at a key decision point. The QQQQ is close to resistance and will either turn down or break through. Once one of these events has occurred, I will either buy QLD (break through) or QID (break down). My approach is to tiptoe in and accumulate the appropriate ultra QQQQ ETF as the trend continues. I am in cash and have closed all shorts, as I await a definitive signal.