The market built on recent gains today. The major averages opened mixed and after some early selling they found a bottom and rallied into the close. All the major averages finished near the top of their intraday trading ranges. The Nasd averages led the way with the COMPQ and the NDX gaining 1.31% and 1.58% respectively. The SPX rallied .71%. Volume was lower across the board. It fell 8.87% on the Nasd and 1.02% on the New York. Leading stocks generally underperformed the overall market the leaders index fell .74% on the day. It was held back by several energy related components as oil and gas prices fell. The index continued its recent consolidation and closed right on its rising 9dma. It finished high in its trading range on lower and below average volume. The market acted well again today. It looked like there might be a pull back but strength came in and the major averages closed strong. The line in the sand now for the Nasd averages is their 200dma’s. They have to overcome this important moving average to continue the rally much further. The SPX has cleared all its moving averages and has some resistance on its chart in about the 4700 area. The weekly Coppock gave its buy signal last week and has moved higher so far this week. Right now the rally is on track. Jerry
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