Jerry Samet
08-08-2018, 06:37 PM
The market consolidated recent advances today in a pretty constructive manner. The major averages traded fairly close to unchanged most of the session and finished little changed. The COMPQ was higher by .06% while the SPX declined .03%. All closed in the upper half of their intraday trading ranges, although some late selling saw them close off their highs. Volume was lower across the board, which is want you want to see when the market consolidates gains. Leading stocks were mixed with the leaders index falling .29% on the day. The index closed high in its trading range, a sign of support. Volume was lower and the lowest we have seen since the index started rallying in earnest six trading days ago. Today’s action would have to be considered generally positive. The major averages and the leaders index are acting well. The leaders index held strong recent gains today on lighter volume. The major averages are very close to making new highs. A couple of the shorter term indicators I look at are still going down, but the declines are small. It would be very encouraging to see the major averages move into new high ground, particularly with some real conviction, but it looks like the market wants to work its way higher for now. Jerry