Stock Market Technical Indicators & Analysis
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.
I am on vacation this week and cannot do all of my customary analysis. Markets still look like they could bounce this week, but they remain in a down-trend. One of Judy’s picks hit a new high on Monday, DXCM. Be careful.