Jerry Samet
09-23-2017, 11:47 AM
I have been down for about a week after a catastrophic failure in my main computer. After a lot of work reinstalling all the software and rebuilding my files I think I am up and running now. The market is consolidating after some recent gains. The New York averages are very close to their highs while the Nasd averages have pulled back a bit more. The market traded in a pretty tight range with the COMPQ higher by .07% and the SPX gaining .06%. Both closed near the top of their intraday trading ranges. Volume was lower across the board, which is good when the market is consolidating. Leading stocks, as shown in the leaders index, have pulled back in the last week as the leaders index made a new high last Monday. Since then the index has been pulling back and is now sitting on its important 17dma support level. The index closed high in its intraday trading range and volume was lower than Thursday. In fact volume has been below average every day during the consolidation, a good sign. Right now the overall picture looks solid. Both the major averages and the leaders index have been consolidating recent gains in a pretty constructive manor. The distribution count has come down quite a bit as older distribution days have fallen off. We need to see both the major averages and leading stocks move to new high ground to show that the rally is still on track, but things look ok right low. Jerry