Jerry Samet
04-20-2022, 06:29 PM
The market put in a mixed session today, but overall it was slightly negative. The major averages opened higher, but saw their highs of the day in the first five minutes. It was mostly downhill from there as all the major averages finished low in their intraday trading ranges. The Nasd averages took the worst of it with the COMPQ and the NDX falling 1.22% and 1.49% respectively. The SPX was lower by only .06%. Volume was higher across the board with the Nasd showing a gain of 3.78% and the New York higher by 5.60%. Leading stocks outperformed again with the leaders index gaining .55% on the day. The index closed in about the middle of its trading range. Volume was higher but still below average. The market had a mixed session with a lot of weakness in Tech and Nasd stocks. The New York averages did better but still not a great session. The price decline in the Nasd averages combined with the higher volume produced a new distribution day on the Nasd averages. The New York averages avoided one due to the small price decline. The positive action in the leaders index was encouraging. The leaders index made a new high on both a price and a relative strength basis. The market is trying to advance but it is having a hard time. Overall the market looks like it is in a struggling rally and the most likely outcome will be lower prices. Jerry