Jerry Samet
09-28-2016, 06:42 PM
The market continued it’s rebound today. After a bit of early weakness the major averages started to rally less than two hours into the session and kept rising into the close. The COMPQ gained .24% while the SPX rallied .53%. All the major averages closed at their intraday trading highs, a sign of strength. Volume increased across the board for the second day and was above average on the New York. This is a very good sign as volume is increasing as the market advances. Leading stocks were higher as well with the leaders index gaining .52% on the day, about in line with the overall market. The index finished near it’s intraday high and set a new high on a price basis, following the new high in the relative strength line yesterday. Volume on the leaders index declined from yesterday’s level. The SPX regained it’s important 50dma today, but the other New York averages remain below this resistance level. The COMPQ is just below it’s all time high but is back above the consolidation pattern it recently broke out of. The market is acting well right now and the charts of the major averages look ok. There are several stocks in buyable positions and some recent breakouts are acting well. The market seems to want to go higher and there are some profits to be made. Jerry