Jerry Samet
05-29-2020, 06:19 PM
The market put in another solid rally session today. There was some early weakness but the market recovered and mostly rallied into the close. All the major averages closed at or very near their intraday trading highs. The real strength was in the Nasd averages with the COMPQ and the NDX gaining 1.29% and 1.47% respectively. The SPX rallied a still nice .48%. Volume was mixed. It was higher by 4.65% on the New York lower by 1.45% on the Nasd. It would have been better to see higher volume on the Nasd as well as the New York. Leading stocks did very well and outperformed the overall market. The leaders index rallied 3.81% on the session. This represents a new high for the index on both a closing and an intraday basis. The index also closed near its highs of the day and volume was a lot higher and well above average. In fact it was the highest volume in several weeks. The market action of the day was again very positive. After early weakness, which was said to be caused to concern over China issues, the market rallied strongly into the close. The SPX bounced off its 200dma support level and is acting well. The gains in the Nasd averages were strong, mostly due to strength in tech and semiconductor stocks. Quality growth stocks are acting very well as can be seen in the chart of the leaders index. Its relative strength line isn’t quite at new highs but it is close. There appears to be little in the charts of the major averages that would stand in the way of them reaching their old highs. It looks like that is where they are headed. Jerry