GMI: +6; High rates taking toll on home builders and utilities

The GMI remains at the maximum reading of +6.  There were 405 new highs in  my universe of 4,000 stocks. But with the sell off late in the session, only 43% of the Nasdaq 100 stocks advanced along with 54% of the S&P 500 stocks and 67% of the Dow 30 stocks.  Gmi0403 Monday was the fifth day (U-5) in the current QQQQ short term up trend.  While the QQQQ is holding up, I am very concerned that many of my stocks have failed break outs.  In addition, the utility and housing stocks look very sick and toppy.  Long term interest rates are headed up.

Please send your comments to:  silentknight@wishingwealthblog.com.

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