GMI=1; IBD says market in correction; 3rd day of $QQQ short term down-trend; T2108 too high for a bottom

@ 7:11 am
GMI1/6
GMI-21/9
T210836%

To survive, I must conserve my trading capital. My trading accounts are therefore in cash. The GMI may flash Red at the close on Tuesday. It is much easier to make money on the long side when the GMI is strong and Green. GMI= my General Market Index. The GMI keeps me trading with the market trend. Unfortunately, once again,  I failed to buy a little SQQQ on the first day of the QQQ short term down-trend. QQQ is now below its 10 week moving average (purple dotted line on this weekly chart). Note the failed GLB (green line break-out), a major sign of weakness.

 

Meanwhile, T2108 is only at 36%, not low enough for a major bottom.

 

 

GMI stays Green, for now; will $QQQ hold critical averages? GLB: $OLLI

@ 6:43 pm
GMI3/6
GMI-22/9
T210849%

Since the first week in January after the market bottom, the QQQ has closed above its rising 4 week average every week except once in early March (A) and last week (B). Closing above the rising 4 week average is a sign of a strong advance. This week the market will reveal its short term direction by whether the QQQ can regain and close above its 4 week average (red dotted line). A close below the 10 week average (purple dotted line) would indicate a significant decline. Failure of the recent GLB is another major sign of weakness.

Some stocks are still hitting all-time highs. OLLI had a GLB last week. It has closed above its 4 week moving average the past 7 weeks.

 

The GMI is 3 (of 6) and remains Green.