Jerry Samet
11-18-2015, 11:32 PM
It was a strong session today. The market gapped up at the open and rose steadily throughout the day. All the major averages finished at their intraday trading highs. The COMPQ led the way with a gain of 1.79% while the SPX was close behind, rising 1.62%. Volume was mixed, higher on the Nasd and lower on the New York. this is very positive action for the Nasd and even though the volume was lower on the New York it was still a good session. Leading stocks had a good session as well with the leaders index rising 1.09% on slightly lower volume. The index closed high in it’s intraday range. I removed UVE from the index after it’s huge loss on extreme volume distorted the index. I replaced it with IDTI. The index is holding it’s important 50dma. It has tagged this moving average the last four trading sessions and today started moving above it. The index closed right at it’s 17dma which is now acting as resistance. The relative strength line of the index is looking a bit sickly as it peaked six weeks ago and is now in a clear downtrend. Overall it was a very positive session and I see the IBD went back to an uptrend call. It still can’t be called a strong market, but the picture improved today. Jerry