It's Thursday, time for my favorite market internal, the percentage of stocks above the 50dma, in this case the Nasdaq. We have dipped below 50 again, but one day does not make a correction. If it stays below 50 for more than a couple of days, it is usually a very reliable indicator that we are in a real correction rather than the pullback we got last month. The bounce off last month's dip was pretty weak, which could be an indication we are in for some serious weakness here.
I will have the new highs update shortly.