Jerry Samet
08-31-2017, 05:59 PM
The market put in another solid performance today. The major averages gapped higher at the open and rallied for the rest of the day. The Nasd averages again led the way with the COMPQ and the NDX higher by .95% and .94% respectively. The SPX gained .57% on the session. All the major averages closed at or very near their intraday trading high, a sign that buying was still there as prices rose. Volume was higher across the board and above average on the New York. This is positive as you want to see higher volume on rallies. Leading stocks again put in a strong performance as the leaders index rose 1.58% on the day, again outperforming the overall market. The index closed in the upper half of its trading range and at a new high on both a closing and an intraday basis. Volume was again higher than yesterday ,an encouraging sign. The relative strength line of the index also moved into new high ground. The market built on the gains of the last couple of days and posted solid gains. The fact that those gains came on higher volume is even more encouraging. I have been waiting for the major averages to follow the leaders index into new high ground. Today the NDX made a new closing high, although it was not an intraday high. All the New York averages are now above their 50dma’s and the Nasd averages are moving further above this important moving average. Today’s action improved the picture and the market is looking like it wants to make a run at new highs. Jerry