Jerry Samet
04-04-2022, 06:24 PM
The market staged a nice rally today. After opening slightly higher the major averages rallied most of the remainder of the session. All the major averages finished near their intraday trading highs. The Nasd averages were the strongest with the COMPQ and the NDX gaining 1.90% and 2.01% respectively. The SPX was higher by .81%. Leading stocks were mixed today. The leaders index fell 1.14% as many of the energy and transportation stocks in the index sold off. Other ETF’s of leading stocks were higher but still underperformed the overall market. The index closed in the lower half of its trading range on higher but still below average volume. The market rallied today, but there seems to be a rotation going on. The stocks that led recently, like energy, transportation and value stocks seem to be underperforming as tech and growth stocks in general are coming on. This is a problem for the current leaders index as it has very few of these stocks. When the follow through occurred growth and tech were being hit hard. If this continues I will look into a new index that more accurately. Right now the 200dma is the key moving average. The New York averages remain above this important moving average and the Nasd averages are below it. The Nasd averages must overcome this resistance while the New York averages must hold this support. That is the key item now. Jerry