Jerry Samet
03-29-2017, 05:39 PM
It was a modest up session today. The markets opened a bit lower but then bottomed out in the first half hour of trading. The major averages rallied the rest of the day and closed at or very near their intraday trading highs. The Nasd averages led the way with the COMPQ and NDX higher by .38% and .43% respectively. The SPX was higher by .11%. Volume was lower across the board and below average on both exchanges. This shows that large institutional players were not heavily involved in today’s action. Leading stocks were mixed with the leaders index lower by .17% today. The index closed near its intraday high and its lows of the day were above its short term moving averages. The index is right at its all-time highs and it would be a very positive sign if it were to break into new high ground, particularly if it was accompanied by strong volume. The fact that the market could hold yesterday’s gains and even build on them is a positive sign. Both the major averages and the leaders index are close to new highs. If they can make new highs it will likely mean the rally is intact. If they can’t we would probably see lower prices. Jerry