Jerry Samet
06-08-2015, 06:36 PM
The market opened down and worked it’s way lower all day. The Nasd led the way down with the COMPQ dropping .92% while the NDX fell 1.02%. The SPX declined .65% and all the major averages finished the session at their lows. The SPX moved further below it’s important 50dma while the COMPQ is slightly above this moving average. he only real positive today is that volume was lower across the board so there was no distribution on the session. Leading stocks sold off as well with the leaders index falling .96% on higher and above average volume. This shows that quality growth stocks saw some institutional selling. The index continues to trade above it’s short term 9dma so the chart still looks ok. Breakouts continue to struggle as recent good looking breakouts in stocks like NXPI and SWKS continue to fail. It is difficult to make any progress right now and at times it seems like it isn’t even worth the effort. Jerry