Jerry Samet
09-08-2016, 06:47 PM
The market gave back some of it’s recent gains today. After opening lower the major averages bounced around before finishing lower. The COMPQ lost .46% on the day and the SPX declined by .22%. The COMPQ closed in the lower half of it’s intraday trading range while the SPX finished in about the middle of it’s range. Volume was mixed, higher on the New York and lower, but still above average, on the Nasd. This produced a new distribution day on the New York averages. Leading stocks traded pretty flat today. The leaders index fell .18% on much lower and below average volume. The index held it’s short term 9dma at it’s lows and closed in the upper half of it’s intraday range. The index has spent the last three days consolidating it’s break above the most recent trading range. You would like to see it move higher but the action is still constructive. With today’s addition there are now six distribution days on the SPX, while the COMPQ has only three. Today’s action was a little weak but it didn’t do any real damage. The rally looks intact and the market seems to want to work it’s way higher. Jerry