Jerry Samet
11-13-2017, 06:42 PM
The market had a mildly positive session today. After opening lower the major averages spent the rest of the session working their way higher. All the major averages closed at their intraday trading highs, a sign of support. The COMPQ finished with a gain of .10% while the SPX rallied by exactly the same amount. Volume was lower across the board, generally good when the market is consolidating. Leading stocks were higher on the day with the leaders index higher by .59% and closing in the upper half of its trading range. Volume was lower and below average, again what you want to see as the index allows its moving averages to catch up. The market is currently in a consolidation pattern in a pretty constructive manner. It has been following a stair step pattern for well over a year now where it rallies to new highs and then consolidates or has a very mild pullback before it heads higher again. So far the pattern looks like the previous ones and if it continues to do this we should see the major averages and the leaders index continue into new high ground. We are in a seasonally positive period which should also help keep the rally going. After the new year the situation may change. Jerry