Jerry Samet
01-05-2017, 05:51 PM
The market opened 2017 with a couple of fairly strong sessions. Today’s action was mixed as the market consolidated the two rally days. The Nasd averages were higher with the COMPQ gaining .20% and the NDX rallying .56%. The best gains were in large cap tech stocks. The New York averages were lower as the SPX declined, but only by .08%. All the major averages finished at of very near their intraday trading highs. This is a positive sign. Volume was lower across the board, but was above average on the New York. The fact that volume today was lower than on the last two session that showed gains is good. Leading stocks were mixed also today with the leaders index gaining .25% on lower but still above average volume. Only three stocks in the IBD fifty were higher today. The index finished trading in about the middle of its trading range, but it is above its short term 9dma and 17dma. The Chart shows the index is still in the trading range it has been in since late November. A break above this consolidation would be very positive. The charts of the major averages are looking pretty good. The NYA made it into new high ground today and the Nasd averages are fractionally below new highs. The New york averages are not far behind. We have to wait and see if they can rally and start a new uptrend. Breakouts into new high ground would be very encouraging. Jerry