The market had a fairly quiet session overall. The major averages opened higher and mostly trended lower the rest of the session. All the major averages finished low in their intraday trading ranges as selling came in near the close. The major averages finished with small losses. The COMPQ was lower by .07% bur the NDX had a small .05% gain. The SPX was lower by .15%. Volume was lower across the board. It fell 6.07% on the Nasd and 14.48% on the New York. This is however compared to unusually heavy volume yesterday. Either way the price declines were to small for distribution anyway. Leading stocks did a little better than the overall market with the leaders index slightly higher by .30%. The index closed high in its trading range and held above its short term 9dma support level. Volume was lower and well below average. The market took a break today as there were small losses on lower volume. That is generally encouraging action. The major averages made new intraday highs near the open before giving them up. The major averages are acting pretty well overall, but the action in the last few days has been a little sloppy. Two short term indicators I look at, the Summation Index and the A’s minus E’s have both turned down. Its to early to tell if we are seeing meaningful negative action and the leading stocks are still acting pretty well. We likely haven’t seen the absolute top yet, but I would stay close to the exits. Jerry
Reply With Quote