Jerry Samet
03-21-2019, 07:26 PM
The market put in a strong price advance today. The major averages opened lower and bottomed out in the first five minutes and then started rallying. They all moved higher into the close and all finished at or very near their intraday trading highs. This shows that there was buying throughout the session. The Nasd averages again led the way due to strength in tech stocks. The COMPQ and the NDX gained 1.42% and 1.52% respectively. The SPX rallied 1.09%. Semiconductor stocks showed unusual strength with the SOX higher by 3.50% on the day. Volume, according to signal, was lower across the board. The decline in Nasd volume was very small and different data feeds could have different results. Leading stocks were strong as well with the leaders index gaining 1.96% on the day. The index closed near the top of its trading range and made a new high on both a closing and an intraday basis. Volume was lower and below average. The relative strength line of the index also made a new high. The rally today was strong and prices rose consistently during the session. The only real disappointment was volume. It was lower in both the major averages and the leaders index. You would prefer to see big price moves accompanied by higher volume. The day’s action was positive as the market continues to move higher. Today’s price action is a new high for the rally in all the major averages. The thing we have to watch for now is can they make a run for the old all-time highs. They are only a few percent below this level. If they can make new highs then it will show that we are still in a bull market. If not we could have a double top in the major averages that would lead to lower prices. Jerry