Jerry Samet
09-13-2021, 06:24 PM
There was a split market today with growth stocks taking a hit. The major averages opened higher but put in their highs in the first few minutes. It was mostly lower from there until there was a little late buying. The Nasd averages finished low in their intraday trading ranges while the New York averages closed in about the middle of their trading ranges. The COMPQ and the NDX were slightly lower by .07% and .04% respectively. The SPX was higher by .23%. Volume was higher across the board. It gained 7.67% on the New York 2.80% on the Nasd. The COMPQ avoided distribution because the decline was to small. Leading stocks sold off pretty hard. The leaders index declined 2.16% on the day, and other growth stock ETF’s were lower as well. The index closed in the lower half of its trading range but closed slightly above its 17dma support level. Volume was higher, showing distribution in quality growth stocks. The overall negative recent action of the market continued today. There was strength at the open and it was downhill from there. This is weak action as strong openings and weak closed are signs of a struggling market. The weak action in growth stocks is also a worrisome sign as you want to see quality growth stocks leading the market higher. They seem to be leading the market lower right now. This is a time for some serious caution. Jerry