Jerry Samet
03-19-2022, 12:03 PM
The market put in another positive performance yesterday. The major averages opened slightly lower but quickly found a bottom and rallied for the rest of the session. All the major averages closed near their intraday trading highs for the fourth day in a row. The Nasd averages led the way with the COMPQ and the NDX gaining 2.05% and 2.14% respectively. The SPX rallied 1.17%. Volume was higher across the board, as would be expected on an expiration day. Volume was higher by 13.82% on the Nasd and 19.23% on the New York. Leading stocks were generally higher as well, but a couple of components of the leaders index sold off and the index was lower by .42%. Other ETF’s of leading stocks were generally higher. The market built on recent gains and had another good session yesterday. There were solid gains in the major averages on higher volume. All the major averages overcame their respective 50dma’s yesterday and are now over this old resistance and now support level. Most important is the fact that the weekly Coppock is close to turning up. Any strength next week should produce a weekly Coppock buy signal that would confirm the recent follow through on the SPX. This would say that there is a good chance that this would become a tradable rally. There are intermediate term rallies in bear markets and a Coppock confirm would greatly increase the chance that this will turn out to be one. Jerry