Jerry Samet
04-19-2022, 06:39 PM
The market staged a solid rally today. The major averages opened higher and mostly worked their way up the rest of the day. All the major averages finished near their intraday trading highs. The Nasd averages were the strongest with the COMPQ and the NDX gaining 2.15% each. The SPX rallied 1.61%. Volume was higher across the board. It gained 3.75% on the Nasd and 5.13% on the New York. Leading stocks had a god session as well with the leaders index gaining1.61% on the day. The index closed high in its trading range on higher but still below average volume. The market staged a strong rally today on higher volume. This is positive action. The gains were good but one day’s action is not enough to change the overall picture. The SPX and the NYA regained their 50dma’s today, and that is good, but the charts still look pretty bad. The leaders index has pretty much regained its recent losses and is closing in on a new high. It would be encouraging if this happened. Right now this looks like a strong rally day in a bear market. Jerry