More new lows than new highs on Wednesday again. IBD back to up-trend under pressure, lowered from confirmed up-trend. AAPL and QQQ failed to hold morning gains. An ominous technical pattern is being formed by the DIA (Dow-30 ETF). It is now forming a bearish BWR pattern with all of the shorter averages (red) below the longer averages (blue), with all averages pointing down. Note that the former bullish RWB pattern ended in July.
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GMI-2 climbs to 5; IBD says market back in up-trend
Tuesday was 19th day of current QQQ short term down-trend. Asia is surging back. I will wait on sidelines until the GMI issues a Buy signal.
17th day of $QQQ short term down-trend
Put/call ratio = 1.05, indicating continuing bearishness among option traders. We therefore could see some strength on Friday.