Jerry Samet
05-09-2018, 05:53 PM
The market put in a positive session today. The major averages opened higher and spent most of the rest of the day rallying. The COMPQ led the way with a gain of 1.00% while the SPX was higher by .97%. All the major averages closed at their intraday trading highs, a sign of support. The best thing today was that there was higher volume across the board. This shows that large institutional players were buying today. Leading stocks were higher as well. The leaders index showed a decline of 1.47% because a couple of components were sharply lower. With a small index big moves in a couple of components can affect the index. It still looks good and set a new intraday high during the session. Volume was lower, just what you want to see when prices decline. Today’s action was positive all around. There were solid price increases accompanied by higher volume. The New York averages joined the Nasd averages above their important 50dma’s. The SPX also broke a downtrend line. The picture improved today and the market is trying to work its way higher, at least in the short term. Jerry