Jerry Samet
08-23-2023, 06:27 PM
I said yesterday that it might be a quiet session as we awaited NVDA’s earnings. I was wrong. The market put in a solid rally day, especially on the Nasd averages. The major averages opened higher and mostly rose the rest of the day. All the major averages finished high in their intraday trading ranges. The COMPQ and the NDX were higher by 1.59% and 1.60% respectively. The SPX rose 1.10%. Leading stocks rallied as well with the leaders index gaining 2.89% on the day. The index closed high in its trading range and tagged its 50dma at its highs. Volume was lower but above average. The market put in a good rally today, especially in big cap tech stocks. The major averages are now close to their respective 50DMAs. These important moving averages will be resistance and breaking above them, especially on heavy volume, would be positive. NVDA came out with earnings after the close and they were blow out numbers. The stocks and the major averages are trading higher in after hours trading. If this holds the market will open strong. We are almost in position to have a follow through and Powell’s speech on Friday could trigger it. We will have to see. It would have been better if the volume on the Nasd was higher as it was on the New York, but it was a solid up session. Jerry