Jerry Samet
08-31-2015, 11:10 PM
The market opened lower today and after a mid day attempt to rally sold off into the close. All the major averages finished near their intraday lows. The COMPQ led the way down with a loss of 1.07% while the SPX fell .84%. The major averages rallied back to their declining 10dma’s and were not able to get above this short term moving average. Volume was mixed(according to esignal), lower on the Nasd and higher on the New York. Leading stocks(or formally leading stocks) were also lower on the day with the leaders index falling 1.23% on higher but still below average volume. This showed that there was some real selling pressure in quality growth stocks. The line in the sand remains the 200dma on the COMPQ. In order for there to be any kind of a recovery the index must get above this moving average with some conviction. The index is now 2.8% below this resistance level. Jerry