Jerry Samet
04-24-2017, 06:25 PM
The market gapped higher at the open after the results of the French election became known. It followed the European markets that did better than ours. The major averages made all their gains in the first half hour of trading and then held the gains for the rest of the session. The COMPQ finished with a gain of 1.24% while the SPX rallied 1.08%. All the major averages closed at or very near their intraday trading highs, holding the gains in positive action. Volume could have been better, higher on the Nasd and lower on the New York. It would have been better to see volume higher across the board, but it was still encouraging. Leading stocks had a strong session a well with the leaders index rallying 2.56% on higher and slightly above average volume. The index closed in the upper half of its trading range, a good sign. It also set new highs on both a closing and an intraday basis. This is a breakout from the trading range the index has been in for over a month. The relative strength line of the index also went into new high ground, reinforcing the price action of the index. The Nasd averages closed at all-time highs, mirroring the action of the leaders index. The New York averages gapped above their 50dma’s and above downtrend lines that had been controlling their patterns. The market has done most of what I have earlier said would indicate that it was going to go higher. It appears that the market direction is up in at least the short term. Jerry