Jerry Samet
10-03-2016, 07:13 PM
The market traded little changed all day and finished with some modest losses. After opening a little higher the major averages bounced around the rest of the session. The COMPQ declined .21% while the SPX was .33% lower. Modest losses. The major averages all closed in the upper half of their intraday trading ranges, an encouraging sign. Volume was lower across the board and well below average on both exchanges. Leading stocks were lower as well. The leaders index declined .36%, about in line with the overall market. The index closed in the upper half of it’s trading range and held it’s short term 9dma. An index or a stock that can stay above short term support is acting ok. The market is struggling a bit right now. The New York averages are having a very difficult time getting above their important 50dma’s while the Nasd averages are trying to break into new high ground. They both must achieve these goals to get the market moving higher again. Jerry