Jerry Samet
04-30-2018, 06:32 PM
The market put in a pretty negative performance today. After opening higher the major averages rolled over and sold off into the close. The Nasd averages did slightly better with the COMPQ lower by .75% and the NDX off by .76%. The SPX lost .82%. All the major averages finished at their intraday trading lows. Volume was mixed, lower on the Nasd and higher on the New York, according to Esignal. This means that there was a new distribution day on the New York averages. Leading stocks did better than the overall market with the leaders index pretty much flat on the session with a gain of .04%. The index is sitting right on its important 17dma support level, but it closed low in its trading range. Volume was higher but below average. The market didn’t act well today. After opening higher it reversed and sold off until there were meaningful losses. All the major averages remain below important resistance levels and the SOX is below its 200dma. The semiconductors are considered a leading indicator for the tech sector and the market as a whole. The market is clearly struggling right now and the major averages are looking like they are being turned back at the critical 50dma resistance level. If they are not able to breach this moving average then lower prices are ahead. Jerry