Jerry Samet
06-08-2016, 07:17 PM
The uptrend continued today with the market adding to recent gains. The major averages opened higher and after a quick short decline they started a mild advance and finished the day with moderate gains. The COMPQ was higher by .26% and the SPX gained .33%. All the major averages resumed their recent pattern of strong closes and finished at or very near intraday highs, a sign of support. Volume was mixed but not much changed from yesterday. Slightly higher on the New York and slightly lower on the Nasd. Leading stocks were higher on the day as well, but not in spectacular fashion. The leaders index rose .26% and closed high in it’s intraday trading range. Volume was very low and well below average. The index continues in the consolidation pattern it has been in for a week after it’s recent advance. The index is holding nicely above it’s short term 9dma and the low volume is constructive. Both the SPX and the COMPQ have now broken above the recent highs that took place on 4/20, not by a lot but they are above them. If the rally is to continue the next step for the COMPQ will be the highs of late last year. The SPX is already above it’s highs of the end of last year and is looking at the all time highs of last summer. If they can surpass these resistance levels the currant rally will move higher. Jerry