Jerry Samet
08-31-2022, 06:29 PM
The market put in a repeat of yesterday with another negative session. The major averages opened higher but selling again quickly came in and they worked their way lower the rest of the day. All the major averages finished near the bottom of their intraday trading ranges. The New York averages took the worst of it with the SPX losing .78% on the day. The COMPQ and the NDX fell .56% and .57% respectively. Volume was mixed. It gained 4.12% on the New York and declined 2.26% on the Nasd. This was enough to produce a new distribution day on the New York averages. Leading stocks did a little better than the overall market. The leaders index was higher by .11%. It closed in about the middle of its trading range. Volume was lower but still well above average. The market continued weak today. Early strength disappeared and the market sold off again. The higher volume on the New York means there was another distribution day, so the overall count is getting high. The current down leg of the bear market continues and the market is showing real weakness. The inability to generate any sort of bounce after recent selling is concerning. It is looking like we will see the June lows again. Jerry