Jerry Samet
05-01-2014, 11:16 PM
The market mostly bided time today before the employment report due out before the open tomorrow. After bouncing around unchanged all day the major averages finished little changed. The COMPQ was higher by .31% while the SPY was lower by .01%. Volume was mixed, up a fraction on the Nasd and down on the New York. Leading stocks were continued to rebound and outperformed the over all market. The leaders index was up by .82% on lower but still above average volume. The index traded above it’s important 50dma but closed slightly below it. The 17dma and the 50dma are at the same level, right above today’s closing price. In order to improve the picture among quality growth stocks the index must break above these two moving averages and get above the down trend line that is now in place. The major averages also must get above important resistance levels. The SPY is very close to a new high and the COMPQ should break above it’s own down trend line. If this can happen with some conviction the out look would improve quite a bit. Jerry