The market opened the new week with overall disappointing action. The major averages opened higher but quickly lost most or all of the gains. All the major averages finished low in their intraday trading ranges. The Nasd averages lost ground and closed in negative territory. The COMPQ and the NDX fell .47% and .74% respectively. The SPX was higher by .16%, but most of its early gains were lost. Volume was mixed. Lower on the New York and fractionally higher on the Nasd. Leading stocks did better than the overall market with the leaders index gaining 1.25% on the day. The index closed high in its trading range on lower and about average volume. It looked early like it would be a positive session. The market quickly reversed lower and the Nasd averages finished in negative territory. The New York averages gave up most of their gains, although they closed in positive territory. The SPX almost tagged its 50dma today but was turned away at this resistance level. The Nasd had higher volume that would show distribution, but the change was so small that other data feeds could have different results. It looks like a negative session overall. The market tried to rally early, but couldn’t. It looks like the market is struggling here and is unable to make any real upside progress. The bottoming process continues, but the market is not ready to make a sustained move to the upside. Jerry
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