The GMI and GMI-R are back to zero. Wednesday was the 33rd day of the QQQQ short term down-trend.
GMI: 1; GMI-R: 1; 32nd day of QQQQ down-trend
The GMI and GMI-R rose to one because the 10 Day Successful New High Indicator turned positive. The QQQQ is in the 32nd day of its down-trend and there were only 54 new highs and 70 new lows in my universe of 4,000 stocks on Tuesday.
GMI: 0; GMI-R: 0; Bulls = Bears
The GMI and GMI-R remain at zero. There were 11 new highs and 113 new lows in my universe of 4,000 stocks on Friday. Most noteworthy, IBD says that the Investor’s Intelligence Survey indicates that about the same percentage of advisors are bearish as bullish (35.6/36.7). It is rare that there are as many bears as bulls. The last time it happened was near last summer’s bottom. Is this the bottom? You know better than to ask that! The key is that as more people become openly bearish, we get closer to the end of a decline. Note that the Worden T2108 indicator is 36%, still in neutral territory.