The GMI declined to 4. Only 35% of the 248 stocks that hit a new high 10 days ago closed higher on Thursday than they closed 10 days ago. Thus, buying stocks at new highs 10 days ago has not been profitable–a major sign of market weakness. Only 90 stocks in my universe of 4,000 stocks hit a new high on Thursday. 46-51% of the stocks in the Nasdaq 100, S&P 500 and Dow 30 indexes advanced. Only 36% of the stocks from the IBD 100 list on 10/16 rose on Thursday and only 28% closed higher than they did on 10/16–this market has been rough on IBD 100 growth stocks. In addition, an IJR short term indicator turned negative, reducing the GMI-S to 44. Thursday was the 54th day of the QQQQ up-trend.