Jerry Samet
03-31-2022, 06:36 PM
The market took a hit today. The major averages opened slightly lower but drifted down most of the day. Late selling came in and all the major averages finished near their intraday trading lows. The losses were pretty evenly divided with the COMPQ and the NDX falling 1.54% and 1.55% respectively. The SPX lost 1.57%. Volume was mixed. It was down 5.02% on the Nasd and higher by 3.69% on the New York. The higher volume combined with the price decline produced the New York averages first distribution day. Leading stocks were lower as well with the leaders index falling .52% on the day. The index closed low in its trading range on higher but below average volume. The index also closed near its 17dma. The market sold off today. There were several possible news stories that caused it but you never know. There was more damage done today than there was yesterday. The NDX moved further below its 200dma while the NYA is sitting right on its 200dma. The New York averages got their first day of distribution, but that shows little distribution since the follow through. The leaders index is sitting right on its 17dma. Breaking this important moving average would be negative. The rally is still ok, but much more selling from here would put it into question. The employment report comes out tomorrow before the open. It will set the tone of trading tomorrow. Jerry