GMI: 0; GMI-R: 0; but only 191 new lows; 20th day of QQQQ down-trend

The GMI and GMI-R are back to zero, their minimum values.  While the indexes looked weak on Wednesday, the market was not really as weak as it has been.  There were 16 new highs and only 191 new lows in my universe of 4,000 stocks on Wednesday.  Wednesday’s number of new lows was less than one half of the number of new lows on Tuesday (409); on Monday there were over 700 new lows.  Furthermore, the Worden T2108 indicator is at  10%, above the extreme low level of 8% reached on Monday. Wednesday was the 20th day of the current QQQQ down-trend.  It remains to be seen whether Thursday’s levels of these technical indicators will break below those reached on Monday.  If not, this bounce may persist for a while longer.

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