Jerry Samet
12-10-2020, 06:26 PM
The market was little changed overall today, but the tone was generally positive. The major averages opened lower, but quickly regained the losses. They then spent the rest of the day going sideways and ended with a mixed close. The Nasd averages were the strongest with the COMPQ and the NDX gaining .54% and .30% respectively. The SPX was lower by .13%. All the major averages finished high in their intraday trading ranges, a sign of support. Volume was lower across the board. It fell 13.59% on the Nasd and 12.36% on the New York. Its good to see lighter volume as the market consolidates. Leading stocks were higher today with the leaders index gaining 1.64% on the day. The index closed near the top of its trading range, but didn’t break above its short term 9dma and 17dma. Volume was lower and well below average. The action of the market was generally good today. The major averages opened lower in what liked like a continuation of yesterday’s selling. The market recovered the losses and then traded sideways. The Nasd averages continued their recent outperformance, and that is a good sign. Leading stocks are still underperforming a bit. The leaders index remains below its important short term moving averages. It must overcome these resistance levels to reassert leadership. The overall picture still points to higher prices ahead, at least in the short term. Jerry