The market sold off at the open and developed a pretty good loss early . After about an hour of trading the major averages bottomed out and started to work their way higher. All the major averages closed with losses, but they also finished near their intraday trading highs. All the secondary averages closed with losses as well. The COMPQ finished with a decline of .47% while the SPX lost .22% on the session. Volume was lower across the board so there was no distribution on the day. Leading stocks were mostly lower as well but the leaders index rallied late and closed nearly unchanged with a gain of .05%. The index closed high in its trading range, but the entire day’s trading was below the important 17dma, which has now become resistance. Volume on the index was lower and about average. The market recovered a lot of its early losses, but no major or secondary averages reached positive ground. There still is really no bounce after the recent sell off and it is looking more and more like this could lead to a bigger decline. Jerry
Reply With Quote