Jerry Samet
11-15-2021, 06:31 PM
It was a generally weak session today. The major averages opened higher but spent much of the rest of the day working their way lower. All the major averages finished in about the middle of their intraday trading ranges. The final prices were little changed with the COMPQ and the NDX lower by .04% and .07% respectively. The SPX was pretty much flat. Volume was lower across the board. It fell 6.47% on the Nasd and 9.94% on the New York. Leading stocks were lower on the day with the leaders index falling 1.62% on the day. The index closed in about the middle of its trading range and held its 17dma support level. Volume was slightly lower. The market opened with gains and it looked like it would extend Friday’s positive action. The gains didn’t last and the major averages saw their highs early. The major averages finished with slight losses. The fact that volume was lower on both the New York and the Nasd is good as the market didn’t make any progress. It would have been preferable to see some follow through to Friday’s rally, but it didn’t happen. The lower volume shows that there was not a lot of selling pressure and that s good. The rally is not in any real difficulty right now, but I would feel better if the major averages and the leaders index could rally back to their recent highs and overcome them on good volume. Jerry