Jerry Samet
03-24-2022, 06:35 PM
The market rebounded strongly from yesterday’s decline and put in a solid session. The major averages opened higher and rallied most of the day. Late buying saw all the major averages finish near their intraday trading highs. The Nasd averages were the strongest with the COMPQ and the NDX gaining 1.93% and 2.20% respectively. The SPX rallied 1.43%. Volume was mixed. It was lower by 9.69% on the New York and up a very slight .21% on the Nasd. Leading stocks were generally strong as well the leaders index gained .40% on the day. The index closed in the upper half of its trading range on higher and above average volume. The market acted well today as there was strength into the close. The price gains were good and there was a new high for the move. The New York averages regained the 200dma’s that they lost yesterday in positive action. The leaders index appears to be consolidating recent gains as it continues to rise above the short term 9dma, allowing important moving averages to catch up with the price. The weekly Coppock looks like it is in position to signal this week, and barring a large sell off tomorrow it will confirm the recent follow through. This significantly increases the chances that it will produce a tradable rally. It would still be a countertrend rally in a bear market, but there are successful short to intermediate term rallys in all bear markets. The recent action has been good and we will likely see higher prices in at least the short term. There will be no update tomorrow. Jerry