The market had another decline today after yesterday’s weakness. The major averages opened lower and were mostly down from there. The Nasd averages did better and closed in the upper half of their intraday trading ranges while the New York averages closed low in their trading ranges. The COMPQ and the NDX fell .61% and .50% respectively. The SPX declined .73%. Volume was lower across the board, showing that there was limited selling pressure today. Leading stocks were lower as well with the leaders index falling .56% on the day. The index closed in the upper half of its trading range on higher and well above average volume. The market put in an overall negative session today, but the New York averages are looking the worst. The SPX broke back into the consolidation range it had been in for several weeks, but remained above important moving averages. The INDU fell and closed right on its 200dma, after breaking below its 50dma yesterday. The NYA broke clearly below its 200dmsa today. This is negative action on the New York averages. The Nasd averages are doing better but have given up gains in the last couple of days. There are both negative and encouraging signs out there right now, but I think the negatives are stronger at this point. The market will bounce up and down for at least the next week on debt ceiling news. Maybe after that we get a better feel for the short term trend of the market. NVDA reported after the close and the report was very well received. Futures on the New York averages are a bit higher but futures on the Nasd averages show good gains, at the time of this writing. It will be interesting to see if the Nasd averages can hold the gains through trading tomorrow. Jerry
Reply With Quote