Jerry Samet
07-15-2020, 06:25 PM
The market put in another overall positive session today. The major averages opened higher, but quickly lost the gains and went into negative territory. They soon found a bottom and rallied nicely into the close. All the major averages finished high in their intraday trading ranges, a sign of support. The New York averages again led the way with the SPX gaining .91%. The COMPQ and the NDX were higher by .59% and .11% respectively. Volume was higher across the board. It gained 6.20% on the New York and 4.27% on the Nasd. Leading stocks again lagged the overall market with the leaders index gaining only .14% on the session. The index closed high in its trading range and is sitting right on its short term 9dma support level. Volume was lower and below average. The market is recovering from the reversal on Monday. The SPX has regained about all of the decline while the Nasd averages have gotten back most of it. The Nasd averages are lagging a bit right now after leading the market higher for most of the rally. The tech stocks, particularly big cap tech stocks, that are the drivers of the Nasd averages are taking a break. This is probably healthy as they have come a long way and some short term consolidation is will work off some of the high jump numbers. Overall the picture is still positive and we should see higher prices ahead. Jerry