The GMI is still at +4, but the percentage of stocks in a short term up trend continues to decline. As of Thursday’s close only 39% of the 4,000 stocks in my universe remained in a short term up trend. This percentage last peaked at 66% on January 17, after bottoming out on December 30 at 28%. There were 209 yearly highs on Thursday and 69% of the Nasdaq 100 and S&P 500 stocks advanced. The Dow 30 did better, with 80% advancing. The GMI-S is at 38. Thursday was the fifth day of this QQQQ short term down trend (D-5). I remain mainly in cash in my trading account.
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