The GMI rose to 4 for the first time since February 26. The GMI-S has also recovered to 50; one half of the four short term indicators for each of four index ETF’s (noted in table) are now positive. There were 155 new highs in my universe of 4,000 stocks, the most since February 26, just before the large 416 point drop in the Dow. On Tuesday there were 73-87% gainers among the Nasdaq 100, S&P 500 and Dow 30 stocks. 34% of the Nasdaq 100 stocks closed above their 30 day averages, up from 13% on March 5 and March 13. 49% of the stocks in my universe have now closed above their 10 week averages. The QQQQ is in the 16th day of its current short term down-trend. I have closed out all of my shorts and begun to go long. Sixteen stocks in the latest IBD 100 stock list hit a new high on Tuesday: SIMO,WFR,SSYS,DECK,CCK,PCAR,BWLD,PCP,ROCM,FDS,MIDD,
WCG,DWSN,GLP,BDC,BTJ. I own some of these.
See my disclaimers at the bottom of yesterday’s post.