Jerry Samet
07-26-2022, 06:32 PM
The market got hit today pretty hard. The major averages opened lower and worked their way down the rest of the session. All the major averages finished near their intraday trading lows. The Nasd averages led the way lower with the COMPQ and the NDX losing 1.87% and 1.96% respectively. The SPX lost 1.15%. Volume was higher across the board. It gained 1.7% on the Nasd and 6.9% on the New York. This was enough to produce distribution on all the major averages. Leading stocks did better than the overall market with the leaders index declining .26%. The index closed low in its trading range on lower and below average volume. The market sold off today as tech stocks seem to be pricing in weak earnings. The big miss by WMT sent retail stocks lower and may be bad news for AMZN. After the close GOOGL and MSFT both posted narrow misses but that may have been priced in today as both are trading up a bit in after market trading. There are more important earnings reports coming out in the next couple of days and so far expectations are not strong, although some of that may have been prices in today. The Fed announcement will come out tomorrow and the GDP report on Thursday. Both will effect the market. The major averages are now very close to their 50dma’s. Actually the SPX is right on it. If they break this support it will be very negative. Right now futures are higher, but we will have to see if it holds until the open tomorrow. Jerry