Jerry Samet
03-30-2017, 05:51 PM
The market put in another positive session today. After opening slightly higher the major averages rallied for a couple of hours and then pretty much held those gains for the rest of the session. The COMPQ was higher by .28% and the SPX gained .29%. The greatest strength was in the small and mid-cap stocks that have been lagging. All the major averages closed very near their intraday trading highs, a sign of support. Volume was higher across the board, but still below average on both exchanges. This shows that large institutional players were more active today than yesterday. Leading stocks were higher as well with the leaders index gaining .92% on the day. The index closed in the upper half of its trading range and made a new high on both a closing and an intraday basis. This is very positive as the index has broken above its recent trading range. The market is acting like it wants to go higher. The leaders index broke into new high ground and the COMPQ made a new closing high, but not an intraday high. The NDX also made new highs on both a closing and an intraday basis. The RUT and MID also regained their 50dma’s. After the nasty intraday reversal we had last week the rally that started after the election started to look a little shaky. But now we have recovered those losses and it looks like the market wants to work its way higher in at least the short term. Jerry