Jerry Samet
09-09-2017, 12:19 PM
The market had a pretty quiet session yesterday with the major averages trading in a fairly tight range. The Nasd and the tech stocks were weak while the New York averages were close to unchanged. The COMPQ was lower by .59% and the NDX fell .85%. The semiconductor stocks were weakest with the SOX lower by 1.25%. The SPX held up well with a decline of .15%. All the major averages finished at or near the bottom of their intraday trading ranges. Volume was lower across the board, which is good on an overall weak session. Leading stocks were lower as well as the leaders index declined .79% on lower and well below average volume. The index tagged its important 17dma support level at its lows and bounced off it. The index closed in the lower half of its trading range but came back and closed right on the short term 9dma support. The fact that it held this moving average is good. The chart of the leaders index still looks like it is in good shape as it is pulling back after making new highs on light volume. The market seems to be struggling a bit right now. Leading growth stocks are holding up pretty well as can be seen in the chart of the leaders index. The major averages are in a trading range right now and are holding close to their important 50dma’s. We need to see some strong upside action in the major averages, hopefully on solid volume to get them moving again. The leaders index is holding up well and should hold its 17dma. We are in a bit of an indecision area right now and will have to wait and see which way it breaks. Jerry