Jerry Samet
07-07-2016, 06:51 PM
The market had an up and down session today and closed without much of a change. There was some strength early and it looked like the market would build on yesterday’s advance. The major averages then began a decline that took them into negative territory. A little late rally saw them close off their intraday lows. The final prices were mixed with the Nasd averages higher at the end and the New York averages lower. The COMPQ finished with a gain of .36% and closed high in it’s intraday trading range while the SPX was off by .09% and closed in the lower half of it’s trading range. Volume was lower across the board as large institutional players took it easy. Leading stocks performed better than the overall market as the leaders index broke above the consolidation it had been in for three trading days. The index gained 1.14% and closed in the upper half of it’s trading range. Volume was higher than yesterday and about average. This move into new high ground on higher volume is a positive development and it was confirmed by the relative strength line of the index looking strong. The market is now again challenging resistance areas that have turned it back in the recent past. The COMPQ is trying to regain the highs of late April and late May, The SPX is working on the 2100 level and then it’s all time highs of last summer. They will have to overcome these resistance levels with some conviction for this rally to go much further. The Jobs report will come out before the open tomorrow, setting the tone for trading. Jerry