The GMI is at +4. While there were more than 100 new highs in my universe of 4,000 stocks, there were few successful 10 day new highs (stocks that hit a new high ten days ago and closed higher on the Monday than they did ten days earlier). Failed new highs are a warning sign of a weak market. Only 22% of the Nasdaq 100 stocks rose, along with 35% of the S&P 500 stocks and 17% of the Dow 30 stocks. Only 30% of stocks are in a short term up trend, the lowest since March 10. Only 49% of stocks closed above their 10 week averages. The GMI-S fell to 25, indicating considerable weakness in my short term market indicators. None of the four short term indicators for the DIA are positive. Monday was the fourteenth day (U-14) in the current short term up trend in the QQQQ…….
I am starting to lighten up on my longs. A few more days down will turn my indicators decidedly negative.
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