Jerry Samet
11-09-2015, 10:25 PM
The market was weaker all day today. The major averages opened lower and worked their way down for most of the session. A little late rally saw the major averages finish off their intraday lows, but still with meaningful losses. The COMPQ fell 1.01% while the SPX declined .98%. Both closed in the middle to lower part of their intraday trading ranges. Volume was lower across the board and was below average. This is constructive because it shows that large institutional players were not heavy sellers. Leading stocks sold off as well with the leaders index declining 1.58%. volume was lower and well below average, a good sign. At it’s lows the index hit the confluence on the 9 and 17dma’s and bounced off them. The index closed in about the middle of it’s intraday range. The candle looks ok as it bounced off support and the relative strength line of the index had a small decline and finished right at it’s 50dma. It was a negative day, but the damage seemed to be contained, mostly because volume was not high. We have had a decent advance in recent weeks and the day’s action didn’t do much to change the picture. Jerry