Jerry Samet
06-16-2021, 06:41 PM
I have been down the last few days with computer problems, but everything is working now, finally. The market has been trying to work its way higher, but is making only marginal progress. The major averages opened a bit higher but then worked their way lower into the Fed announcement. There was a lot of volatility and all the major averages closed in negative territory. The Nasd averages held up better and after early gains closed lower. The COMPQ and the NDX were off by .24% and .34% respectively. The SPX declined .54%. The Nasd averages closed just above the midpoint of their intraday trading ranges while the New York averages finished low in their trading ranges. Volume was slightly higher across the board. It gained 1.97% on the Nasd and 3.50% on the New York. This was enough for a new distribution day on all the major averages. Leading stocks were weaker as well with the leaders index losing .67% on the day. The index closed high in its trading range but below the important 17dma support level. Volume was higher but below average. The market continued to work its way slightly higher, but it is a struggling advance. The New York averages made new highs, as did the NDX in the last few days, but they have so far not been able to build on those new highs. Today’s action had a lot to do with the Fed and sometimes those moves are reversed the following day. It is a difficult market to make any worthwhile progress in as few stocks are producing real gains. The leaders index made a new high a week and a half ago and it has been down hill since then. The index lost important support today as it broke below the 17dma. The market isn’t breaking down but it is having trouble making any real progress. This is not an environment to get to aggressive in. Jerry