Jerry Samet
09-09-2023, 10:51 AM
The market put in another overall negative session yesterday. The major averages opened higher, but the intraday highs came quickly and they spent most of the remainder of the session selling off. All the major averages finished low in their intraday trading ranges, but with small gains. The COMPQ and the NDX gained .09% and .14% respectively. The SPX also gained .14%. Volume was lower across the board. Leading stocks were little changed as well with the leaders index off by just .03%. The index closed low in its trading range on lower and below average volume. The market had early gains, but couldn’t hold on to them. Selling came in and most of the gains were lost. This continued the recent weak pattern as the rally continues to lose steam. The rally is still in force and will be officially until the lows of the follow through are taken out, which are not that far away. I don’t think it will be to long before the lows are taken out and the rally is officially over. This was a poorly confirmed follow through from the start. Leading stocks are holding up better with the leaders index remaining above its short term 9dma support. This is good, but doesn’t outweigh the negative factors. The weekly Coppock will not be in a position to signal until early October. I suspect we will not see a real tradable rally until then. Jerry