Wishing Wealth Indicators Moving Lower

Trend: The Wishing Wealth indicator suggests a market downturn.

Dr. Wish's indicator has been remarkably accurate at predicting tops and bottoms in the stock market.

Link: Wishing Wealth

The GMI fell to 4 (of 6) and the GMI-R is now at 50%. There were more than twice as many new lows than new highs in my universe of 4,000 stocks (226/91) on Friday, an ominous sign. Many of the new lows are banks, apparel companies and trucks, possible indications of a slowing economy. Less than one half (47%) of the Nasdaq 100 stocks closed above their 30 day averages, a level not seen since late last August. I should have noticed earlier last week that there are now 3 times as many bullish advisors than bearish advisors in the latest poll, with over 60% being bullish--almost at the 5 year high.