Jerry Samet
08-03-2022, 06:38 PM
The market rallied solidly today. The major averages opened higher and mostly worked their way up the rest of the day. All the major averages finished high in their intraday trading ranges. Strong action in tech stocks caused the Nasd averages to lead. The COMPQ and the NDX gained 2.59% and 2.73% respectively. The SPX was higher by 1.56%. Volume was split. It gained 18.09% on the Nasd and declined 8.51% on the New York. Leading stocks underperformed the overall market. The leaders index was lower by .34% today and the volume spiked higher. This was mostly caused by a big decline on very heavy volume in SEDG. The index still closed with modest losses and closed high in its trading range. Volume spiked higher. The market put in a strong session after a couple of days pulling back. The major averages rallied strongly and made new highs for the move. The large cap tech stocks were very strong which produced the out performance of the Nasd averages along with their much higher volume. The major averages look like they want to make a run at their 200dma’s. This is the real line in the sand right now. They are not far from this important moving average resistance level so it shouldn’t be to long before we see how it works out. If the major averages can’t break above this resistance that will probably be it for the rally. Jerry