Jerry Samet
06-15-2016, 06:43 PM
The market had a small upward bias today as it waited for the Fed announcement. The major averages were up a bit when the announcement came out, but it left rates unchanged as was expected and so had little effect. About a half hour before the close selling came in and drove the major averages into negative territory. The COMPQ and the SPX both finished with a loss of .18% Both closed at their intraday trading lows as someone dumped a lot of stock near the end of the session. Volume was slightly lower across the board so their was no distribution on the day. Leading stocks did better than the overall market today with the leaders index rising .49% . The red candle shows that the index closed below it’s opening price, a sign of weakness. The index, along with the overall market, closed low in it’s intraday range. It came up to it’s 17dma at the intraday highs, but couldn’t get above it. The 9dma is now right on top of the 17dma and the index will have to break above this resistance, hopefully with some volume, to improve it’s chart. All the major averages remain below their respective 50dma’s today. This is now the next hurdle they must overcome to improve the overall picture. Jerry