Jerry Samet
10-26-2016, 06:47 PM
It was another overall negative session today. The market opened lower and after rallying back again lost ground to finish in negative territory. The real weakness was in the Nasd averages with the COMPQ falling .63% and the NDX losing the same amount. The New York averages were stronger with the SPX declining only .17% and the Dow showing a small gain. The Nasd averages closed low in their intraday trading ranges while the New York averages finished in about the middle of their trading ranges. Volume was higher across the board. This produced a new distribution day on the COMPQ. The SPX avoided additional distribution because it’s decline was just short of the threshold, but there was a stalling day on the DOW. Leading stocks were lower as well with the leaders index falling .88% on lower and well below average volume. The index closed back below it’s short term 9dma and 17dma. It finished about in the middle of it’s trading range. The index has now lost all the gains it made with the rally two days ago and is now back within it’s recent trading range. We continue to be stuck in a trendless sideways market. The charts of the major averages look fairly week. The New York averages have been below a declining 50dma for almost two months. The COMPQ is struggling with it’s 50dma and closed slightly back below this important moving average today. It’s a really difficult environment to navigate. Jerry