The T2108 has closed below 50% (to 49%) for the first time since November 10 when this rally was taking off. T2108 indicates that only 49% of all NYSE stocks closed above their simple 40 day moving average of price. In addition, the GMI and GMI-2 are both registering 4. The QQQ short term up-trend is now 60 days old. For the past two days there have been more new lows than highs. While the QQQ remains in a long and short term up-trend, there are signs of weakening. And the Fed may take away the delicious spiked punch bowl next week….
Meanwhile, yesterday $MOMO broke out in a GLB (see glossary for definitions) on huge daily volume after reporting earnings.