Jerry Samet
04-04-2017, 05:52 PM
The market turned in a fairly listless session today with the major averages trading in a tight range and closing little changed. The COMPQ was higher by .07% while the SPX gained .06%. All the major averages finished near their intraday trading highs, a positive sign. Volume was lower across the board, showing that large institutional players were not heavily involved. Leading stocks were lower as well with the leaders index falling .40% on lower and below average volume. The index is sitting right on a confluence of its short term 9dma and 17dma. These support levels should hold if the index is to remain healthy. The day’s action was pretty quiet and did little to shed light on the future direction of the market. The small and mid-cap stocks were again the weakest and the RUT and MID are back below their respective 50dma’s. The New York averages are still toying with their 50dma’s and a break below this important moving average would be very negative. Jerry