Jerry Samet
03-22-2022, 06:35 PM
The market continued to rally today. After opening moderately higher the major averages spent most of the remainder of the session moving higher. All the major averages finished near the top of their intraday trading ranges. The Nasd averages were the strongest with the tech stocks showing strength. The COMPQ and the NDX gained 1.95% and 1.94% respectively. The SPX gained 1.13%. Volume declined slightly across the board. It fell 4.75% on the Nasd and 2.69% on the New York. Leading stocks were generally strong as well, but underperformed the overall market. The leaders index fell 2.09% on the day as several components showed weakness. The index closed in about the middle of its trading range on lower and about average volume. The market continued its positive action today as the major averages made solid gains all around. It would have been better if volume was higher, but overall the action was encouraging. The Nasd averages bounced off their 50dma’s and the New York averages broke above their respective 200dma’s, overcoming significant resistance. There have been five strong days in the last six since the market bottomed last week. Short term indicators that I look at are still looking strong. An issue that may develop with the leaders index is that when I created it the leadership was clearly in energy, building and transportation. If there is a shift in leadership to more tech and growth oriented stocks the index may lag and I may have to make a new one. The weekly Coppock moved higher today and if there is no substantial selling before the end of the week it will signal. Right now the market looks on track to continue its recent advance. Jerry