GMI: 0; GMI-R: 0; 33rd day of QQQQ down-trend; shallow decline

The GMI and GMI-R are both back to zero.  There were 26 new highs and 78 new lows in my universe of 4,000 stocks on Monday.   The Worden T2108 indicator is back to 23%. All of these readings are far above the lows hit earlier this month.  For example, on July 15, there were 988 new lows. So, in spite of the media’s pronouncements and hyperbole, the decline the past few days is shallow and no where near as extreme as earlier in the month. Time will tell…….

1 thought on “GMI: 0; GMI-R: 0; 33rd day of QQQQ down-trend; shallow decline”

  1. Since new lows were set very recently, it takes more selling effort for market to print more new lows. Also, since T2108 is also related to prices below a moving average, which is falling due to weakness, it takes more selling effort to drive T2108 to levels closer to recent lows at 8%.

    In other words the market can be crummy and deteriorate without violating or even testing some of these recently set extremes. Typical bear indeed.

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