Jerry Samet
08-25-2016, 06:42 PM
The market traded with a downward bias today in what was a slow session. The COMPQ fell only .11% while the SPX declined .14%. Both closed near the lows of their intraday trading ranges. Volume was lower across the board, so large players were not active today. The New York averages are now below both their 10dma’s and their 20dma’s. The Nasd averages remain above the latter moving average. The strongest areas are the small and mid cap stocks along with the semiconductors. All remain above their short term moving averages. Leading stocks acted pretty much like the overall market with the leaders index declining only .02% on the day. The index closed in the upper half of it’s trading and after trading below it’s 17dma it managed to close above this support level. Things are quiet waiting for Yellen to speak tomorrow. That and the GDP report and the market’s reaction will tell us a lot about where we are going. Jerry