Jerry Samet
09-30-2015, 11:07 PM
The market had a nice snapback rally today. The major averages gapped up at the open and after bouncing around late strength saw them close at their intraday highs. The COMPQ led the way higher with a gain of 2.28% while the SPX gained 1.91%. Volume was higher across the board, a sign that large institutional players were buying stocks. Market internals were strong and there was a Eureka signal today. Leading stocks did well also with the leaders index climbing 2.01% on higher and above average volume. The index remains below it’s important 50dma. It will be telling to see how the index reacts at this moving average. When an index or stock breaks an important support level and can’t get back above it then lower prices are usually ahead. It was a solid up session and as of this writing the futures are higher. It will take more upside action to improve the picture. Jerry