Jerry Samet
04-27-2019, 12:43 PM
The market put in an overall positive performance yesterday. The major averages opened lower, but bottomed out early and spent the remainder of the session working its way higher. Late buying saw all the major averages close at or very near their intraday trading highs in a sign of support under the market. The COMPQ and the NDX were higher by .34% and .12% respectively while the SPX gained .47%. The greatest strength was in the small and mid-cap stocks with the RUT and the MID rallying 1.03% and .96% respectively. Leading stocks were higher as well with the leaders index gaining .67%. The index closed high in its trading range and remained above its short term 9dma support level. Volume was lower than Thursday but still above average, as would be expected due to a couple of components of the index having very high volume on Thursday due to earnings reports. The market is acting well right now. We had a weak opening yesterday followed by a strong close. All the major averages again closed at or near the top of their trading ranges as the major averages again went into new high ground. This shows that buying is coming in when prices sell off and is an encouraging sign. There seems to be a bid under the market and the direction in at least the short term is higher. Jerry