Jerry Samet
09-20-2022, 06:29 PM
The market had a weak session ahead of the Fed announcement. The major averages opened lower and after a couple of rally attempts finished with solid losses. The COMPQ and the NDX fell .95% and .85% respectively. The SPX declined 1.13%. All the major averages finished close to the midpoint of their intraday trading ranges. Volume was mixed. It fell 3.07% on the Nasd and rose 8.77% on the New York. Leading stocks fell as well with the leaders index declining 1.13% on the day. The index closed high in its trading range but below its 50dma. Volume was lower and well below average. The market was weak today. The New York averages traded below Friday’s low while the Nasd averages held above it. The market is looking weak and will likely continue lower. The Fed announcement is tomorrow and that along with the press conference will determine the direction of trading in at least the short term. Jerry