Jerry Samet
10-16-2023, 06:26 PM
The market staged a solid rally today. After opening higher the major averages mostly worked their way up the rest of the day. All the major averages finished near the top of their intraday trading ranges. The COMPQ and the NDX gained 1.20% and 1.18% respectively. The SPX was higher by 1.06%. Volume was mixed, higher on the Nasd and lower on the New York. Leading stocks had a good day as well with the leaders index gaining 1.60% on the day. The index closed high in its trading range on lower and below average volume. The market rallied nicely today and closed strong. Market internals were good also and there was higher volume on the Nasd. The COMPQ is sitting right on its 50dma while the NDX regained this important moving average. The leaders index tested its short term 9dma and seems to be holding well. The market isn’t out of the woods yet, but today’s action was encouraging. I think the rally is still on track, but a weekly Coppock signal would be very good. Jerry