Jerry Samet
10-31-2023, 06:26 PM
The market made some decent gains today and built on recent positive action. The major averages opened lower but quickly found a bottom and rallied into the close. All the major averages finished high in their intraday trading ranges. The COMPQ and the NDX gained .48% and .52% respectively. The SPX rallied .65%. Volume was slightly higher across the board. Leading stocks were higher as well with the leaders index gaining 1.15% on the day. The index closed high in its trading range on higher and above average volume. It also closed just above its 50dma. The market put in a solid session today, building on the last couple of days. The major averages closed strong on higher volume. The leaders index and the COMPQ both broke above their respective 50dma’s, positive action. The 200dma remains resistance for the New York averages and the 50dma of all the major averages looms ahead. There is some strength under the surface, but I don’t think the market is ready for a sustained rally yet. Tomorrow will be the first day there could be a follow through, and there are several news items on tap that could generate one. If it happens, I would be careful as some important confirming indicators are not ready yet. Jerry