Jerry Samet
09-17-2019, 06:12 PM
The market put in a pretty quiet session today while waiting for the Fed announcement tomorrow. There was overall positive action today. The major averages traded close to unchanged most of the day until the last hour of trading when buying came in and there was a rally. All the major averages closed at or very near their intraday trading highs, an encouraging sign. The Nasd averages were a little stronger with the COMPQ and the NDX gaining .40% and .46% respectively. The SPX rallied .26%. Volume was mixed. It was higher by a very small .43% on the Nasd but it was lower by 16.48% on the New York. Leading stocks had a good day today there was some solid action across the board. The leaders index rallied 1.97% today and closed above its short term 9dma resistance level. It closed near the top of its trading range, positive action. It looks like it has had a nice bounce off its 50dma support level. Volume was fractionally higher. The action of the market today was positive overall. It looked like the major averages would close little changed as they traded there most of the session. Late strength saw the major averages and the leaders index close with decent gains. The move off the 50dma by the leaders index is encouraging. The next hurdle for the index is the declining 17dma. A break above this resistance level would be positive. The relative strength line of the leaders index is also acting better and is back up to its 50dma. The action tomorrow could be a little crazy as it often is on Fed announcement days. It should be interesting. Jerry