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I think it best to cash out and wait on the sidelines.   This market has not exhibited a steady trend for quite a while.   And we are entering the dreaded September/October period. One thing about moving averages–they only work in a defined trend.   The averages are flat and prone to whipsaws.   See the GMMA weekly chart of the QQQQ below (click on to enlarge).   Note the shorter (black) and longer term averages (red) are flat. Without a defined up or down-trend, I cannot trade stocks profitably.

The rally continues, with 120 new highs in my universe of 4,000 stocks on Wednesday.   Auto-related stocks are strong:   GMA, AZO and MGA hit highs.   Another strong auto stock is TTM, which this monthly chart shows broke out this week to an all-time high (click on chart to enlarge).

The GMI and GMI-R remain at one, reflecting the weakness in the short and longer term averages for the major market indexes. But there were 150 new highs and 25 new lows in my universe of 4,000 stocks on Tuesday.   The SPY, QQQQ and DIA are still short term oversold, indicating that this rally may have   further to go.   The most positive sign I see is that the 30 day averages for all of these indexes have curved up (see daily QQQQ chart below). The longer term averages remain flat and could go either way.