GMI back to +4; GMI-S: 50; GMI-L: 94

Tuesday’s rally took the GMI up two to +4.  The GMI-S rose to 50, with the Dow being the strongest indicator.  The GMI-L is at 94 reflecting the continuing strength in the longer term indicators.  Gmi0214 There were 145 new highs in my universe of 4,000 stocks and 101 successful 10 day new highs.  The Daily SPY Index was too close to call.  Tuesday was the eighth day in the QQQQ short term decline (D-8).  90% of the Dow 30 stocks advanced on Tuesday, compared with 80% of the S&P 500 stocks and 65% of the Nasdaq 100 stocks.  In spite of the strength in the Dow 30 and S&P 500 stocks, the percentage of stocks in a short term up trend declined to  29%.  26% of stocks are now within 5% of their 52 week highs.  Only 4% of the stocks that have doubled the past year hit a new high on Tuesday.  It appears that the strength is coming in a different set of stocks than the recent leaders. 

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.