Jerry Samet
10-28-2023, 11:29 AM
The market closed the week with another overall negative session. The Nasd averages finished higher on the AMZN earnings report. The Nasd averages closed higher but low in their intraday trading ranges. The COMPQ and the NDX gained .38% and .50% respectively. The New York averages were weaker with the SPX declining .48%. The SPX also closed low in its trading range. Volume was higher across the board, showing that large institutional players were selling stocks yesterday. Leading stocks declined as well with the leaders index falling .37% on the day. The index closed in about the middle of its trading range, but closed below its 50dma. The market continued to show weakness yesterday. The Nasd averages were a bit higher on AMZN and INTC earnings reports, but overall earnings are not much to get excited about. The market continued weak as the COMPQ remained below its 200dma and the leaders index continued below its 50dma. The large declines last week prevented the weekly Coppock from starting to curl so a buy signal there is pushed back. Next week will see an earnings report from AAPL and a few other important companies. The Fed meeting and announcement also comes next Wednesday. These will set the tone for trading next week, but the overall outlook remains weak. Jerry