Jerry Samet
10-15-2015, 11:30 PM
The market rallied strongly from the open today. After a slight pullback about two and a half hours into the session it was straight up from there into the close. All the major averages finished at their intraday highs. The COMPQ led the way with a gain of 1.82% while the SPX climbed 1.49%. Volume was higher across the board, so this was an accumulation day after yesterday’s distribution day. Leading stocks had a good day as well with the leaders index gaining 2.49% and closing high in it’s intraday trading range. The index tagged it’s 17dma again but closed well above it. Volume was lower on the index but still above average. It would have been better if volume had increased. The COMPQ regained it’s important 50dma today after falling back below it yesterday. I have been saying since the market broke in August that the 200dma on the COMPQ was the real test. If the index can get back above this resistance level it will improve the picture. The NDX recaptured this moving average today for the first time since August and the COMPQ remains one percent below it. The weekly Coppock looks like it is on target to signal this week on the New York averages, although the Nasd averages are still a week off. The market looks like it wants to go higher, but there is still a fairly low number of high quality set ups, so don’t get to carried away. Jerry