Jerry Samet
10-31-2018, 07:28 PM
The market put in another good rally today, despite the fact that it closed well off its highs. The major averages gapped higher at the open and worked their way higher most of the session. Some late selling came in and a good chunk of the gains were lost. The Nasd averages led the way with the COMPQ and the NDX higher by 2.01% and 2.31% respectively. The SPX gained 1.09%. All the major averages closed low in their intraday trading ranges. Volume was mixed, higher on the Nasd and lower on the New York. Leading stocks were higher as well with the big cap techs leading the way. The leaders index rallied 1.61% on the day. It cleared its short term 9dma, but closed low in its trading range. Volume was higher and well above average. The market built on yesterday’s rally day. All the major averages closed above their short term 10dma’s and the leaders index finished above its 9dma. They did however finish close to these moving averages. The higher volume on the Nasd was encouraging and it would be good to see volume come in higher on the New York. The negative item in today’s action was that all the major averages and the leaders index finished low in their respective trading ranges. This shows that selling came in late as prices rose. Overall the session was positive as there were back to back solid gains in prices. The next positive to look for would be a break above the 200dma’s of the major averages and the leaders index, hopefully with high volume. We should also be on the lookout for a follow through. Jerry