General Market Index (GMI) table

Weekly green bar is drawn on a weekly chart when the stock had 4wk>10wk>30wk average and bounced up off of the rising 4 week average (pink dotted line). If I owned STLD I would place a stop just below last week’s low of 99.77 or sell if it closed back below its green line (at 100.37).  The GLB (green line break-out) means the stock broke out to an ATH after consolidating for at least 3 months after its last ATH (here, last April).

PI also had a weekly green bar last week after its recent GLB. Note the huge volume on its GLB week. Cup and handle too?

The GMI remains Green, at 5 (of 6).

The 4 wk avg is the pink dotted line and the 30 wk avg is the red solid line. Note that last week QQQ was sandwiched in between these two averages. The rising 4 wk avg above the 10 wk avg (purple dotted line) is a positive sign. A close this week above the 30 week could be a further sign of strength, although such a pattern failed to hold last August. On the other hand, a close below the 4 wk would suggest further weakness to come. Stay tuned…..

The GMI registers 5, of 6, and remains on a Green signal.