Jerry Samet
07-17-2018, 06:46 PM
The market put in a good performance today. After opening lower, as was expected after the NFLX earnings, the major averages put in their lows in the first five minutes and rallied for most of the rest of the session. All the major averages finished at their intraday trading highs, a sign of support. The Nasd averages were the strongest with the recovery in large cap tech stocks. The COMP was higher by .63% while the NDX gained the same .63%. The SPX rallied .40%. Volume was higher across the board, just what you want to see when the market reverses higher. Leading stocks were strong as well with the leaders index gaining 1.00% on the day. The index closed near the top of its trading range and above all its short term moving average support levels. Volume was a bit lower than yesterday. The index has been in a consolidation for several weeks now. The action of the market today was encouraging. After the weak open it looked like it could be a bad day. The averages reversed quickly as buying came in and pushed them higher the entire session. The higher volume showed that large institutional players were buying stocks. The similar action in quality growth stocks showed support as well. NFLX recovered well and most of the big cap tech stocks followed and many made new highs. Today’s reversal was very positive and as long as the earnings reports come in strong we should see higher prices. Jerry