Jerry Samet
03-30-2021, 07:31 PM
The market put in a mixed session today. The major averages opened lower and bounced around most of the session. There was some late buying and all the major averages finished in the upper half of their intraday trading ranges. The COMPQ and the NDX were lower by .11% and .53% respectively. The SPX lost .32%. There was strength in the small and mid-cap stocks as the RUT and the MID gained 1.73% and 1.14%. Volume was lower across the board. It fell 8.93% on the New York and 3.57% on the Nasd. Leading stocks did pretty well today. The leaders index gained 3.04% on the day. It closed near the top of its trading range and held above its 50dma. Volume was lower but still well above average. The market didn’t do much today, but there was a somewhat positive tone. Early losses were mostly erased and the major averages closed high in their trading ranges. Volume was lower so there was no fresh distribution today. The action continued to be indecisive and not much was resolved by today’s trading. The Nasd averages continue under their 50dma’s and are still lagging. The RUT remained under this important moving average as well. Leading stocks had a fairly strong session, but the chart of the leaders index still looks pretty weak, although the relative strength line of the index bounced off its 50dma support level. The market is still struggling to make progress and a good deal of caution is warranted. Jerry