Market reverses-QQQ short term up-trend in doubt

@ 6:19 am
GMI3/6
GMI-24/9
T210827%

I moved to a largely defensive position on Tuesday.   The QQQ short term trend could turn down today if the index does not rebound strongly.   The DIA (Dow 30 ETF) looks much worse than the QQQ and the SPY.   The DIA is now below its 30 week average, a sign of major weakness.   Check out this weekly chart and compare it to the one of the QQQ I posted earlier this week. If the red line (30 week average) curves down, it is a very ominous signal.   The GMI could also issue a Sell signal this week if it has 2 days below 3.

DIAweekly08282013

QQQ remains in Stage 2 up-trend; GMI2=8 (of 8)

@ 10:38 pm
GMI4/6
GMI-28/9
T210839%

The weekly chart usually provides me with a better picture of the market’s main trend.   The weekly chart of the QQQ below clearly shows that this index has been in a Stage 2 up-trend.   Note that the index is well above its rising 30 week average (red line).   As long as the major indexes show this pattern, I remain 100% invested in my primary university pension accounts.   All of the major indexes I follow (QQQ, DIA and SPY) are in Stage 2 up-trends.

QQQweekly08252013

You can also see from this chart all of the recent   GMI buy/sell signals.   The GMI has been on a Buy since July 5.

The table below shows the components of the GMI and the GMI2. I have revised the GMI2 by adding two new indicators (7 and 8) that I want to monitor.   I use the GMI2   to keep me focused on this set of 8 very technical indicators and not for specific buy/sell signals.   Note that the GMI2=8, which means that all of its indicators are positive.

GMI08232013