Jerry Samet
03-26-2019, 07:29 PM
The market opened strong today, but lost much of the gains as trading wore on. Some late buying saw the major averages finish off their lows, but most of the early positive action was not recovered. The final gains were solid with the COMPQ and the SPX higher by .71% and .72% respectively. All the major averages finished trading in the lower half of their intraday trading ranges. Volume was a bit lower across the board. Leading stocks were higher as well with the leaders index gaining .53% on the day. The index closed in the lower half of its trading range and is now back above its 17dma again support level. Volume was lower and well below average. The market’s action today would have to be considered overall positive, although the weakness during the session and the fact that all the major averages closed in the lower half of their trading ranges is somewhat concerning. The major averages remain above their important 200dma’s and the leaders index is back above its 17dma. The market seems to be struggling a little right here. It is holding important support so the overall rally that began late last year is still intact. The distribution count is high and that must be watched, but there are not enough negatives to really endanger the rally. Jerry