Jerry Samet
12-19-2022, 06:35 PM
The market continued its recent weakness today. After opening moderately lower the major averages mostly worked their way down from there. A little late buying saw the major averages finish off their lows but still low in their intraday trading ranges. The COMPQ and the NDX fell 1.49% and 1.42% respectively. The SPX declined .90%. Volume was quite a bit lower across the board, as you would expect after an expiration day. This means there was no distribution today. Leading stocks were lower as well with the leaders index falling .71% on the day. The index closed in about the middle of its trading range on lower and below average volume. The market continued to sell off today as recent weakness persisted. The market is correcting and the rally attempt that started with the follow through on 10/21 is pretty much over. It was not a particularly successful move in that there were few opportunities to make much money during the few weeks that the overall market was advancing. It appears that the market is going back to retest the lows of 10/13, which is the low of the bear market. If this level is taken out the market could make a good sized move lower. There will be no updates for the next two days. Jerry