Jerry Samet
03-21-2022, 06:34 PM
The market took a break today after four up sessions. The major averages opened little changed and after some selling bounced around the rest of the day. Some late buying saw all the major averages finish in the upper half of their intraday trading ranges. The Nasd averages were the weakest with the COMPQ and the NDX falling .40% and .31% respectively. The SPX declined only .04%. Volume was lower across the board. It fell 11.94% on the Nasd and 19.68% on the New York. This is not unexpected since Friday was an expiration day. Leading stocks were pretty strong today with the leaders index gaining 2.96% on the day. The index made a new high and closed in the upper half of its trading range. Volume was lower but above average. The market took a rest today, but the action was not all bad. The losses were minor compared to last week’s gains. Volume was lower but it would be hard to overcome the volume on an expiration day. The New York averages held above their 50dma and now have the 200dma lines as resistance. The Nasd averages traded below their 50dma’s during the day but closed pretty much right on these important moving averages. The weekly Coppock is sitting right on the cusp of turning up. If this indicator does not give a buy signal this week it will be a big negative. How the market finishes this week will be critical. The rally attempt is still on, but we must see some positive action this week. Jerry