Jerry Samet
06-27-2023, 06:27 PM
The market staged a solid rally today after recent weakness. The major averages opened higher and mostly worked their way up the rest of the session. All the major averages finished high in their intraday trading ranges. The Nasd averages led the way with the COMPQ and the NDX gaining 1.65% and 1.75% respectively. The SPX was higher by 1.15%. Volume was higher across the bord, showing that there was some buying interest by large institutional players. Leading stocks participated in the upside action with the leaders index rallying 2.48% on the day. The index closed high in its trading range and regained its 17dma. The market had some positive action today after its recent weakness. It was good all around as the major averages closed strong with solid gains on higher volume. Much of the recent selling was on lighter volume. There were some stronger than expected economic numbers come out today and that likely helped the market. It still looks like we are in for some corrective action ahead but so far the damage is minimal. The COMPQ and SPX are close to their respective 21 day EMAs. Holding above this support is important. Jerry