Jerry Samet
03-24-2016, 06:35 PM
The market proved pretty resilient today. After opening with some losses the major averages bottomed twenty minutes into the trading day and spent the rest of the session working their way higher. They all closed at their intraday trading highs, a sign of support. The COMPQ finished slightly positive with a gain of .10% while the SPX declined only .04%, both had much larger losses early in the day. Volume was mixed, lower on the Nasd and a bit higher on the New York. Both were below average. Leading stocks underperformed the overall market with the leaders index falling .41% on higher but below average volume. This was enough to constitute distribution on the leaders index. It closed in about the middle of it’s intraday range, not as strong as the major averages, and right on the short term 9dma. The index traded below the 17dma during the day, but recovered to close above this moving average. Today’s action would have to be considered somewhat positive. The market recovered all it’s early losses and closed about unchanged. When the market is weak early and strong late it is a sign of support. There does seem to be a bid under the market. I hope everyone has a good Easter weekend. Jerry