Jerry Samet
11-18-2021, 06:31 PM
After a mixed session yesterday the market put in an overall positive session today. The major averages opened little changed and after a quick selloff they found a bottom and rallied for most of the remainder of the day. All the major averages closed at or very near their intraday trading highs. The COMPQ was higher by .45% while the NDX, fueled by gains in big cap tech stocks after a strong earnings report by NVDA, rallied 1.07% to make a new high. The SPX gained .34%. Volume was higher across the board. It was up by 2.67% on the New York and 6.91% on the Nasd. Leading stocks were mixed to somewhat lower. The leaders index was off by .43% on the day. The index closed high in its trading range on higher volume, but is below its 17dma. The market closed near its highs today on higher volume. This is a good development. The NDX made a new high on both a closing and an intraday basis. The COMPQ and the NDX are right at their old highs. The SOX also made a new high today. The action of the major averages remains positive, although their seems to be some weakness under the surface. There had been distribution in individual stocks and the A’s minus E’s, along with the Summation Index have turned lower. We have also seen two Hindenburg Omen signals in the last two sessions, which gives us a confirmed signal. The timing of these signals is not precise, but these signals usually come very late in a bull market. Overall there are some warning signs out there now, but the trend is still higher and if seasonality works out the market should continue to rally, but there are warning signs beginning to appear. Jerry