The market traded in a pretty tight range today and closed with moderate gains. The COMPQ finished with a gain of .09% while the SPX was higher by .08%. All the major averages closed at or very near their intraday trading highs, a sign of support. Volume was higher across the board and above average on both exchanges. Leading stocks were mixed with the leaders index off by only .09%. The index closed in the upper half of its trading range, which is good and it held above its short term 9dma. Volume on the index was higher than yesterday but below average. The small decline in the index doesn’t qualify as distribution. The index continues in the consolidation it has been in for seven sessions. The major averages are working their way higher in a fairly constructive manner. Many made new highs today, but the gains were small. It would be encouraging to see the leaders index break above the current consolidation and the major averages make solid new highs, both with strong volume to back them up. Right now the evidence points to higher prices, in at least the short term. Jerry
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