Jerry Samet
05-25-2021, 06:35 PM
The market opened higher today, but the gains didn’t hold and the major averages worked their way lower the rest of the session. All the major averages finished low in their intraday trading ranges as selling continued into the close. The Nasd averages held up best as the COMPQ was off by .03% while the NDX gained .12%. The SPX declined by .21%. The SOX gained .37%. Volume was higher across the board. It increased 15.62% on the New York and 11.28% on the Nasd. This produced a new distribution day on the SPX but the small decline in the COMPQ means that it avoided one. Leading stocks were higher on the day but also closed weak. The leaders index gained .34% on the day but closed near the bottom of its trading range. Volume was higher and about average. The market started out looking like it would build on yesterday’s gains. It didn’t last long as selling came in and lasted for pretty much the rest of the day. The declines were moderate and the Nasd averages were about flat. The Nasd averages held their 50dma’s while the leaders index is sitting right on its 50dma. The market is caught in a trading range right now and is having trouble moving very far in either direction. It is difficult to make progress in trading in either direction and about the only way to make any gains is to be a very good short term trader. Jerry