The market put in a pretty quiet session today with the major averages little changed at the close. The major averages opened little changed and didn’t move much during the day. All the major averages closed in the upper half of their intraday trading ranges. The COMPQ lost .03% while the NDX gained .18%. The SPX was off by .07%. Volume was mixed. It was higher by 4.18% on the Nasd and lower by 1.31% on the New York. Leading stocks were hit harder today with the leaders index falling 3.48% on the day, much of which was due to weakness in energy stocks. Volume was lower and the index closed near the bottom of its trading range. Not much of ant real consequence happened today. The major averages traded near unchanged most of the day and closed there. Volume was nearly unchanged as well. Leading stocks were weaker as several ETFs of leading growth joined the leaders index in negative territory. The 50dma of the leaders index looks like it will cap its recent upside action. The 50dma’s of the major averages are still the critical resistance on the daily charts. If you look at the weekly charts of the COMPQ and the SPX you can clearly see that the declining 10 week moving averages rule the charts. The major averages will have to break through this resistance to have any change of a meaningful move higher. Jerry
Reply With Quote