Jerry Samet
06-22-2017, 07:10 PM
It was a weak session overall for the market. After opening near unchanged the major averages achieved some decent gains mid-session before selling in the last hour erased them all. The COMPQ finished with a gain of .04%, closing in about the middle of its intraday trading range. The SPX declined .05% and closed at the bottom of its trading range. Volume was mixed. Lower but above average on the Nasd and higher and below average on the New York. There was no distribution as the decline in the SPX was too small. Leading stocks didn’t do much either as the leaders index declined .39% and closed just above the middle of its trading range. The index is a bit above its important 17dma and is sitting right of on the confluence of its 9dma and 17dma. Volume was very light and well below yesterday’s level. The market appears to be struggling right now. After the reversal of the Friday before last the leaders index and the Nasd averages have basically flat lined. The leaders index has traded sideways for nine trading days. The Nasd averages have a similar pattern. The New York averages look a little better, but have not followed through on their new highs of last week. We have not seen the kind of powerful rebound this time that we have seen before after one day wonder declines. If there isn’t some strong price action backed up by volume soon there will likely be lower prices ahead. Jerry