The market bounced around today and closed little changed. The major averages opened higher and then sold off. They then spent much of the rest of the session working their way higher before closing with small gains. The COMPQ and the NDX gained .05% and .14% respectively while the SPX was higher by .15%. All the major averages closed high in their intraday trading ranges. Volume was lower across the board. It was off by 8.46% on the New York and 2.28% on the Nasd. Leading stocks were slightly higher as well with the leaders index gaining .09% on the session. The index closed in the upper half of its trading range and above its 17dma. Volume was about unchanged and above average. The market acted ok today. It traded in a fairly tight range and closed with small gains. The fact that the major averages closed so close to their intraday trading highs is supportive. The charts of the major averages and the leaders index look pretty similar. They both have a few days of declines and they are now trying to work their way back to their old highs, which are not too far away. They must get back to and surpass these old highs, hopefully on heavy volume. If they can’t then more corrective action is likely. Jerry
Reply With Quote