The GMI is at 3 (of 6) and the GMI-R is at 6 (of 10). There were 83 new highs and 47 new lows in my universe of 4,000 stocks on Wednesday. Wednesday was the 38th day of the current QQQQ down-trend. It remains to be seen whether the short term strength of the past few days will lead to a longer term change in trend.
Correction: GMI: 4; GMI-R: 6
Given IBD’s new format, they now publish their Growth Mutual Fund Index every other day and without the 50 day average. I therefore have to calculate the 50 day moving average manually. Having just done so, I find that this index is now above its 50 day average, adding another point to the GMI and the GMI-R.
GMI: 3; GMI-R: 5; Short term indicators positive
The GMI rose to 3 out of 6 and the GMI-R to 5 out of 10. There were 105 new highs on Tuesday in my universe of 4,000 stocks, the first time there were
more than 100 new highs since December 26. 58% of the Nasdaq 100 stocks closed above their 10 week average. The Worden T2108 indicator is now at 60%. Nevertheless, the QQQQ and SPY have now closed below their 10 week averages for 16 weeks, and these markets remain in a down-trend. However, the short term trend is strong, with the GMI-S at 88%, reflecting that 14 of 16 indicators for four index ETF’s are now positive.
