Jerry Samet
11-27-2017, 06:37 PM
He market put in a fairly quiet session today. The major averages sold off a bit early but recovered later to finish little changed. The COMPQ closed with a loss of .15% while the SPX declined .04%. All the major averages closed in the lower half of their intraday trading ranges, usually a negative development. Volume was higher across the board, as you would expect after a half session on Friday. Leading stocks were generally lower as well with the leaders index declining 2.09% on the day. It closed low in its intraday trading range but held above the short term 9dma. There were several components of the index that had one or two percent losses, but the bulk of the decline was caused by a 16.06% fall in SQ. Volume on the index was much higher and well above average, but again much of this was caused by the volume spike in SQ. The fact that the index held its short term moving average despite this is a good sign. Overall it looks like the market is in good shape. Today’s action was mild and the major averages remain near their highs. The uptrend looks intact and it is likely the market will work its way higher in at least the short term. Jerry