Stock Market Technical Indicators & Analysis
While the GMI is still at 6, the local traders’ meet-up meeting was packed. In prior meetings of the other local IBD meet-up, when the crowds came back, we were not far from a market top. We had standing room only last night. Contrary indicator?
Note disclaimers at bottom of prior post.
The GMI remains at a maximum of 6. 
There were 272 new highs on Friday in my universe of 4,000 stocks. Friday was the 8th day in the current QQQQ short term up-trend. The weekly charts of the major indexes show a market trying to regain the ground lost in the big February decline. However, this rebound is coming on relatively less volume than the preceding decline. If the rise of the QQQQ fails to exceed the February top of 45.55 , we could see a major decline. We are getting very close to the "sell in May" period. But it pays to remain patient and to react to events, not anticipate them in advance.
The GMI is still 6, but only 19-20% of the stocks in the Nasdaq 100, S&P 500 and Dow 30 indexes advanced on Wednesday. 
The trend in these indexes remains up.
