Jerry Samet
05-02-2017, 06:35 PM
The market traded around unchanged most of the session with a slight positive bias. The New York averages were the strongest with the SPX gaining .12% while the COMPQ was higher by only .06%. All the major averages closed at or near their intraday trading highs, a positive sign. Volume was higher across the board and above average on the Nasd. Leading stocks were generally lower on the day. The leaders index declined .95% on the day, although the index finished in the upper half of its trading range. Volume was slightly lower than yesterday but above average. The index tagged its short term 9dma during the session but closed above this moving average. The leaders index has been trading in a pretty tight flat pattern for the last six days. The market continues to act in a positive manor. The Nasd averages are leading as the COMPQ and the NDX are moving strongly into new high ground on almost a daily basis. The SPX is trading in a pattern similar to the leaders index. It has traded in a tight range for the last six days and is building what looks like a cup and handle pattern. The direction this major average takes will be telling. If it breaks out and confirms the action in the Nasd it will be very positive. If it breaks down and fails to confirm that Nasd averages may well sell off. Jerry