Jerry Samet
09-12-2023, 06:23 PM
The market sold off today, erasing most of yesterday’s gains. The major averages opened lower and after rallying a bit sold off into the close. All the major averages finished near the bottom of their intraday trading ranges. The Nasd averages took the worst of it, mostly due to ORCL’s earnings report. The COMPQ and the NDX fell 1.04% and 1.11% respectively. The SPX lost .57%. Volume was higher across the board, producing a new distribution day on all the major averages. Leading stocks got hit also with the leaders index declining 2.34% on the day. The index closed low in its trading range on lower and below average volume. It also broke below the short term 9dma support and tagged it’s 17dma. After an encouraging session yesterday the market gave most of that back today, producing new distribution as well. ORCL’s earnings report disappointed and that caused selling in the tech sector. All the major averages that regained their 50dma’s yesterday lost them today. This is very negative action as this important moving average didn’t hold again. The CPI report comes out and if it deviates from expectations in either direction it will move the market. Yesterday’s action was mostly wiped out today and the short term looks like it will be somewhat lower. Jerry