Jerry Samet
01-17-2019, 07:24 PM
The market put in another positive session today. After a down open the major averages put in their lows in the first five minutes and then rallied from there. There was a spike higher on an apparently false story about a possible lifting of tariffs on China. That gain went away quickly but the major averages moved higher into the close. All the major averages finished high in their intraday trading ranges, a sign of support. The COMPQ and the NDX gained .71% and .75% respectively. The SPX rallied .76%. Volume was lower across the board. Leading stocks gained ground as well with the leaders index rallying .85% and closing high in its trading range. This is both an intraday and a closing high for the index as it attempts to break above the trading range it has been in since last September. Volume was slightly lower than yesterday. The market continues to act well and the rally that began the trading day after Christmas is gaining steam. The New York averages joined the Nasd averages in overcoming their 50dma resistance, now support, levels. The Nasd averages continued to move higher above this important moving average. The case for a tradable rally is looking strong. The number and performance of quality growth stocks breaking out and advancing is still small, but there have been some nice gains in ETF’s. The market looks clear to make a run for the 200dma’s of the major averages. Jerry