Jerry Samet
10-25-2023, 06:17 PM
The market got pasted today, especially the Nasd. The major averages opened lower and after a feeble rally attempt they sold off into the close. All the major averages finished low in their intraday trading ranges. The Nasd averages took the brunt of it with the COMPQ and the NDX falling 2.43% and 2.47% respectively. The SPX declined 1.43%. Volume was mixed. It was about flat on the Nasd and slightly higher on the New York. Leading stocks were lower as well with the leaders index falling 2.19% on the day. The index closed low in its trading range on higher and above average volume. The market was hit hard today and the major averages took out important support. Ther SPX clearly broke below its 200dma and the COMPQ is just above this important support. The COMPQ also broke below its recent lows. GOOGL sold off hard after weak cloud numbers and took the whole tech sector with it. The declines were large today on higher volume on the New York. The COMPQ must stay above its 200dma. If it breaks this support it will be very negative. The year end rally is looking further and further away. Jerry