Jerry Samet
09-28-2023, 06:13 PM
The market staged a bounce today with solid price gains. The major averages opened mixed but worked their way higher most of the session. All the major averages finished near their intraday trading highs. The COMPQ and the NDX gained .83% and .84% respectively. The SPX rallied .59%. Volume was lower across the board, not what you want to see on a rebound from recent selling. Leading stocks participated today with the leaders index gaining 1.80% on the day. The index closed in the upper half of its trading range on lower and below average volume. The market finally staged a good price bounce today as the major averages posted gains. The real problem today is the fact that volume declined on both exchanges. This is not the type of action you want to see. Lower volume showed that large institutional players sat out the rally today. This continues the pattern of rallies on lower volume and declines on higher volume. This is not constructive action. The correction is not over yet. Jerry