Jerry Samet
08-31-2021, 06:28 PM
The market took a break today after its recent advance. The major averages opened slightly lower and mostly traded around unchanged the rest of the day. There were small declines at the close, but all the major averages finished high in their intraday trading ranges. The COMPQ and the NDX fell .04% and .14% respectively. The SPX declined .13%. Volume was mixed. It rose 4.78% on the New York and fell 2.82% on the Nasd. Leading stocks were mixed to slightly lower. The leaders index fell .30% on the day. The index closed high in its trading range and held above the important 17dma. The 9dma also crossed back above its longer term partner. Volume was about flat on the day. The market had a quiet day as it consolidated recent gains in an overall constructive manner. The major averages posted small declines but closed high in their trading ranges. This is a sign of support. The leaders index continues to form what looks like it could be a cup and handle pattern and how this is resolved will be a good indicator of the direction of quality growth stocks. Overall the market took a constructive pause today and the near term direction continues to remain up. Jerry