Jerry Samet
04-27-2020, 06:30 PM
The market staged a nice rally today. The major averages opened higher and mostly worked their way up for most of the session. A little late selling saw them finish off their highs. All the major averages closed in the upper half of their intraday trading range, a sign of support. The New York averages were stronger with the SPX gaining 1.47%. The COMPQ rallied 1.11% and the NDX was higher by only .58% due to some weakness in large cap tech stocks. The greatest strength today was in the small and mid-cap stocks with the RUT and the MID gaining 3.86% and 4.07% respectively. Volume was mixed. It was higher by 1.49% on the Nasd and lower by .14% on the New York, according to Esignal. These numbers were very close and other data feeds could have different results. Leading stocks had a strong session with the leaders index gaining 2.42% on the day. The index closed in the lower half of its trading range on higher but below average volume. This was a new high on both a closing and an intraday basis. The market put in a solid performance today. The major averages closed high in their trading ranges and volume at least on the Nasd was higher and it was very close on the New York. The SPX moved further above its 50dma and the INDU joined the SPX above this important moving average. The Nasd averages made new highs for the recovery. Leading stocks acted well today with the leaders index making new highs on higher volume. The index is also rising nicely above its short term 9dma. As long as this is the case quality growth stocks will be acting well. This is an very important component of a sustainable rally. Right now the market is acting well and we should see higher prices in at least the short term. Jerry