General Market Index (GMI) table

This daily chart shows the 8 ema (dotted line) and 21 ema. Note that the 8 crossed above the 21 last July and has remained above it since. This crossover could be a potential set-up as long as the stock is in a Stage 2 up-trend, which the weekly chart confirms. Note the weekly chart shows 4wk avg>10wk avg> 30 wk avg, a strong Stage 2 pattern. Note the series of weekly green bars indicating a bounce up off of the rising 4 wk avg.

GMI remains RED and registers 1 (of 6).

This is a monthly chart with a 25.4 and 25.4.4  stochastic. The 25.4 stochastic is currently at 39.04, but the 2003 and 2009 bottoms occurred  with readings below 20.  This down-trend actually appears minor compared with those declines and  may have a ways to go. Why try to guess a bottom or catch a falling knife when one can rest calmly on the sidelines? This chart shows that there are years to ride the new bull after a new up-trend has been established.

The GMi is back to 0 (of 6) and on a RED signal.

I drew this lower trend channel line (thank you Vas!) months ago and suggested that SPY may decline to hit it again, right at the last green line break-out. This is a weekly chart. Note the blue arrow in the volume section. That high volume decline was one of the factors that got me out of the market at the end of last year. Another factor was the growing number of new daily lows occurring even as the index was still climbing.

The GMI remains on a Red signal and I am in cash.