Jerry Samet
04-02-2022, 11:26 AM
The market had a bit of a bumpy ride yesterday. After opening slightly higher the major averages bounced around most of the day. Late buying came in and all the major averages finished high in their intraday trading ranges. The SPX gained .34% while the COMPQ and the NDX were higher by .29% and .15% respectively. Volume was lower across the board. It fell 6.75% on the Nasd and only .25% on the New York. Leading stocks were about flat on the day with the leaders index gaining .04% on the day. The index closed in about the middle of its trading range on lower and well below average volume. The market was fairly quiet yesterday but had a slightly positive tone. There wasn’t much strength in the day’s action but the late buying caused the major averages to finish with high in their trading ranges. The New York averages continue to hold above their important 200dma’s. The Nasd averages continue to trade below this resistance level. The NDX regained this level early in the week but lost it. The leaders index is still sitting right on its 17dma support level. A break of this moving average would be negative as it would show weakness in leading stocks. Right now the rally is still on track, but it would be encouraging to see some strength early next week. Jerry