Jerry Samet
02-16-2021, 06:27 PM
The market was mostly moderately lower today. The major averages opened higher and made new intraday highs before selling came in. The major averages spent the rest of the day working their way lower and all finished low in their intraday trading ranges. The Nasd averages were the weakest with the COMPQ and the NDX falling .34% and .25% respectively. The SPX declined by only .06%. Volume was higher across the board. It gained 20.46% on the New York and 3.21% on the Nasd. The higher volume combined with the price decline produced a new distribution day on the Nasd averages. Leading stocks pulled back mildly today with the leaders index falling 1.28% on the session. The index closed low in its trading range on slightly higher but still very light volume. The index tagged its 9dma today but held above it. The market took a break today after positive action last week. The declines were moderate and even with a new distribution day on the Nasd averages the count is still fairly light. The leaders index has been consolidating for the last four sessions on very light volume. This is constructive after a move into new high ground. The charts of the major averages still look strong. Overall the trajectory of the market seems to remain higher. Jerry