Stock Market Technical Indicators & Analysis
The GMI is still 6, as 50-55% of the stocks in the Nasdaq 100, S&P 500 and Dow 30 indexes advanced on Thursday. 
There were 327 new yearly highs in my universe of 4,000 stocks. Interestingly, IJR (S&P 600 SmallCap ETF) showed a little strength on Thursday, causing the GMI-S to climb to 63. As you probably know, small cap stocks are said to show strength around January. Thursday was the 73rd day in the current QQQQ up-trend.
The GMI is back to 6. 76% of the Nasdaq 100 stocks rose on Wednesday, along with 82% of the S&P 500 stocks and 83% of the Dow 30 stocks. There were 238 new yearly highs in my 
universe of 4,000 stocks. Wednesday was the 72nd day of the current QQQQ up-trend. One thing I noticed today in IBD bothers me a lot about this market. The Investors Intelligence poll shows 57.5% of investment advisors bullish and only 22.3% bearish. Such extreme bullishness is typical of markets that are topping out…
The GMI is still 5, but this time because there were only 71 new yearly highs in my universe of 4,000 stocks. 
44% of the Nasdaq 100 stocks advanced on Tuesday, along with 54% of the S&P 500 stocks and 63% of the Dow 30 stocks. 63% of the Nasdaq 100 stocks closed above their 30 day averages. Many stocks and market indexes bounced off of the important support levels I monitor. It is very important that they hold these levels tomorrow. Declines below these levels could cause the GMI to turn negative. Tuesday was the 71st day of the current QQQQ up-trend.