Jerry Samet
10-30-2018, 07:30 PM
The market staged a solid rally day today. The major averages opened higher and posted solid gains. There was then a bout of selling and they gave up pretty much all the gains, the Nasd averages even went negative. A rally then took hold and all the major averages moved higher into the close. The COMPQ and the SPX were higher by 1.58% and 1.57% respectively. All the major averages finished at or very near their intraday trading highs. Volume was a bit mixed. It was higher on the New York and very close on the Nasd. Esignal had it a touch lower, but when it is this close different data feeds can have different results. Leading stocks gained ground as well with the leaders index higher by 3.35%. The index closed high in its trading range and tagged its 200dma again, this time trading below it at the lows. Volume was lower, not what you want to see on a rally day. Overall this was a positive session, one that could lead to a short term bottom and a counter trend rally. The major averages posted solid gains and closed strong. Volume was higher on the New York and close on the Nasd. There was a one day wonder rally on 10/25 that went nowhere, but the volume signature on today’s trading was better. Right now the short term moving averages rule the charts. With the major averages it is the 10dma and on the leaders index the 9dma. The first step in a successful bounce will be to get over these moving averages. After that the 200dma looms. To really improve the picture the major averages will have to break above this resistance level with volume behind them. Jerry