IBD still maintains “market in correction.” Many of my internal indicators show that we have come back from being severely oversold. For example, 53% of the Nasdaq 100 stocks now have their MACD above its signal line, up from a recent low of 5%. 93% have their slow stochastic above their long, up from 6%. Both of these indicators are sensitive to very short term moves.The Worden T2108 indicator looks like it has gotten down to levels reached at recent bottoms, see weekly chart below. I just have to wait to see if this bounce can turn the indicators in my GMI and GMI2 positive. Time will tell. Meanwhile, I enjoy life on the sidelines.
