Jerry Samet
06-26-2023, 06:30 PM
The market continued the corrective action of last week. After a mixed open the major averages sold off. There was a moderate rally attempt but it didn’t hold and there was selling into the close. All the major averages finished low in their intraday trading ranges. The Nasd averages were the weakest with the COMPQ and the NDX losing 1.16% and 1.36% respectively. The SPX was off by .45%. Volume was lower across the board. This was to be expected on the day after a Russell rebalancing, but it still avoids a distribution day. Leading stocks declined as well with the leaders index declining .85% on the day. The index closed low in its trading range and below the 17dma support level. Volume was slightly lower and about average. The market continued its overall weak action today. A rally attempt failed quickly and the major averages closed weak. The volume was lower as you would expect, but it really wasn’t strong volume compared to recent levels. I still think we are in a correction after a nice rally in the major averages, particularly the Nasd averages. Its to early to tell how big of a correction this is likely to be, but protecting some recent gains might not be a bad idea. Jerry