Jerry Samet
11-02-2023, 06:39 PM
The market put in a strong session today. The major averages opened higher and rallied solidly the rest of the day. All the major averages finished near the highs of their intraday trading ranges. The gains were strong with the COMPQ and the NDX higher by 1.78% and 1.74% respectively. The SPX gained 1.89%. Volume was solidly higher across the board, in another sign of strength. Leading stocks were higher but lagged the overall market. The leaders index gained .69% on the day. The index closed in the upper half of its trading range on lower and below average volume. The index also regained its 17dma. The market put in a very encouraging session today. There were strong advances on a big increase in volume. This shows that large institutional players were buying stocks today. There were follow throughs on the New York averages and the Nasd averages had a very strong follow up session. The NDX is the strongest major averages and is sitting right on its 50dma now. A break above this resistance would be very positive. There is also a declining tops line near the 50dma. The COMPQ has a little further to go to get to its 50dma. It also has a declining tops line at about the same level. The SPX is in a similar position. The most important thing to me right now is that the weekly Coppock is poised to give a signal. Barring a big sell off it will likely signal next week or the week after. AAPL’s earnings came out after the close and the stock is slightly lower in the aftermarket. It seems to be no big deal. The employment report will come out tomorrow before the open. It should set the tone for trading tomorrow. The picture is brighter. Jerry