The market had a volatile session, which is not unusual on a Fed announcement day. The major averages built some early gains but some selling came in and accelerated on the Fed news conference. The major averages finished the day little changed and low in their intraday trading ranges. The COMPQ advanced .13% while the NDX was absolutely flat. The SPX declined only .02%. Volume was mixed, higher on the New York and lower on the NASD. This produced what appears to be stalling on the SPX. Leading stocks outperformed on the day. The leaders index gained .49% on the day. The index closed in the upper half of its trading range on slightly lower and below average volume. The market started off with moderate gains, but they couldn’t hold. Selling came in and got worse during Powell’s press conference. The market swung around until closing little changed. Market internals were slightly positive. There are a lot of cross currents right now. Leading stocks are holding up, but few are lighting any fires lately. Both the Summation Index and the As minus Es are headed down. Right now the market could go either way. The major averages have to break above their old highs pretty soon or they will likely start to pull back. The leaders index is consolidating the gains it has made since the rally started. It would be encouraging if the index were to break into new high ground. I don’t know right now which way it will go. There will be no update on Friday. Jerry
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