Jerry Samet
12-01-2018, 01:08 PM
The market put in another positive session yesterday. After a higher open the major averages went sideways for a while until late buying saw all the major averages finish at their intraday trading highs, a sign of support. The COMPQ and the NDX were higher by .79% and .82% respectively while the SPX rallied .82%. Volume was higher across the board, showing that large institutional players were buying stocks. Leading stocks were higher as well with the leaders index gaining .53% and closing in the upper half of its trading range. Volume was much higher, also a good sign. The market continued to show positive action yesterday with the major averages closing strong on higher volume. The SPX is just below its 200dma resistance level while the Nasd averages are approaching their declining 50dma’s. There have also been several good looking set ups in individual stocks and they are mostly holding up so far. This rally attempt looks like it is on solid ground up to now. We will get a better picture next week on the weekly Coppock and if it will signal and confirm the follow through. Right now the market is acting well and we could get a tradable rally. The news on trade talks at the G20 meeting will affect the market at least early next week. Jerry