Jerry Samet
12-30-2015, 10:21 PM
The market sold off at the open today and continued lower most of the session. Late weakness saw all the major averages finish at their intraday trading lows. The COMPQ was weakest, finishing with a loss of .82% while the SPX fell .72%. They gave up more than half of yesterday’s gains. Volume was lower across the board so there was no distribution on any of the major averages. This is not unusual considering the holiday week and it is likely volume will be even lower tomorrow as many large institutional investors will be away from the market. Leading stocks sold off as well with the leaders index falling .97% and closing near it’s intraday lows. The chart is still in good shape as the index remains well above all it’s short term moving averages. The declines today saw the SPX close back below it’s 50dma while it remains above it’s 200dma. The COMPQ remains above both these important moving averages. Until everyone is back at work on Monday the action will not have to much meaning. Jerry