Jerry Samet
12-03-2015, 11:36 PM
It was an ugly session today. The market opened slightly lower and worked it’s way down all day. The losses accelerated into the close and all the major averages finished at their intraday trading lows. The COMPQ led the way down with a loss of 1.67% and the SPX fell 1.44%. Volume was higher across the board and above average. This showed real selling from large institutional players and produced distribution on all the major averages. The SPX and all the other New York averages broke back below their 200dma’s. Leading stocks got hit as well with the leaders index falling 2.18% on higher and above average volume. This produced distribution on this index as well. The index closed at it’s intraday low and sliced decisively below it’s important 17dma. It also tagged it’s 50dma but held above it. The action has been bad the last few days. The market is selling off on increasing volume and there was real damage done on the charts today. IBD also went to market under pressure. The tone for tomorrow’s action will be set by the employment report before the open. The market must recover with some volume behind it quickly or the rally will be in real trouble. Jerry