The market started off higher today, but most of those gains were lost by the close. The major averages finished with small gains and all closed in the lower half of their intraday trading ranges. The COMPQ and the SPX were higher by .13% and .07% respectively. The NDX was lower by .06%. Volume was lower across the board, a good development. Leading stocks were higher overall with the leaders index gaining .36%. The index closed in about the middle of its trading range, a better showing than the major averages. Volume was higher and about average. The market took a break today and closed pretty much unchanged. It seems to have lost some of the momentum it had and is clearly struggling to overcome the important resistance at the 200dma’s of the major averages. This remains the critical point if the rally is to continue. The more time that is spent trying to overcome this resistance the greater the chance that the ultimate resolution will be to the downside. Jerry
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