Jerry Samet
08-23-2021, 06:33 PM
The market put in a good session today. The major averages opened higher and spent the rest of the session working their way up. All the major averages finished the day at or very near their intraday trading highs, a sign of support. The Nasd averages led the way with the COMPQ and the NDX gaining 1.55% and 1.46% respectively. The SPX rallied .85%. All made new highs on both a closing and an intraday basis. Volume was higher across the board, but only a bit on the Nasd. It was higher by 1.00% on the Nasd and 4.21% on the New York. Leading stocks had a strong session as well with the leaders index gaining 3.21% on the day. The index closed high in its trading range and cleared its short term 9dma. Volume was lower but still well above average. The relative strength line of the leaders also regained its 50dma. The market had a strong session today as there was positive action pretty much across the board. The major averages all had sizable moves and the COMPQ, NDX and SPX all made new highs. The Nasd averages were in consolidations recently and their charts look like breakouts. There was strength in the small and mid-cap stocks with the RUT higher by 1.86% and the MID rallying .87%. Semiconductors were the strongest as the SOX was higher by 2.63%. Leading stocks had a good day as well after recently lagging the overall market. The leaders index came down and looks like it has had a successful test of its 50dma. The index has moved higher and is just below its 17dma. A break of this resistance would be very positive. There were several breakouts today that look attractive. After looking a bit sketchy most of last week the market seems to have regained its footing. Today’s action was encouraging and points to higher prices in at least the short term. Jerry