The market had a mixed to slightly lower session today, but held yesterday’s gains. The major averages opened higher but mostly worked their way lower the rest of the day. The New York averages closed low in their intraday trading ranges while the NASD averages finished in about the middle of their trading ranges. The COMPQ and the NDX were higher by .31% and .21% respectively. The SPX was flat. Volume was mixed, higher on the NASD and lower on the New York, according to ToS. Leading stocks sold off on the day. The leaders index fell .90% on the session. The index closed low in its trading range on lower and below average volume. The market acted pretty well overall today. There was strong action yesterday and the market held the gains, and even built on them a little on the NASD averages. The market is acting pretty well right now. The NDX is in new high ground and has had a golden cross. The other major averages are not far behind. Powell’s testimony doesn’t seem to have had much effect on the market. The overall picture looks positive now, but breaking into new highs is critical. The major averages have to break convincingly over their all-time highs, which are just fractionally away. That would do a lot to strengthen confidence in the rally. Jerry
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