Jerry Samet
06-01-2021, 06:29 PM
The market opened higher but couldn’t hold the gains. The major averages started out at their highs and spent the rest of the session working their way lower. All the major averages finished low in their intraday trading ranges. The changes were small with the COMPQ and the NDX falling .09% and .23% respectively. The SPX was off by .05%. There were some gains in the small and mid-cap stocks. Volume was about flat on the New York with a gain of only .10% and it fell 6.42% on the Nasd. Leading stocks outperformed the overall market with the leaders index gaining .73% on the day. The index closed high in its trading range on higher volume. The relative strength line of the index also continued to improve. The market didn’t do much today if you look at the major averages. They were about unchanged, although there has been some encouraging action under the surface. The recent outperformance of leading stocks is a good sign, but we are still in a basically trendless market. There have been some good signs recently and the market does look like it wants to try to go higher. The New York averages are just about at their all time highs. Seeing them get above this level with conviction would be good. The Nasd averages should also make new highs and break the chart pattern that may be developing. The market may work its way higher from here, but if it does it will be a market to try for singles not home runs. Jerry