Jerry Samet
11-16-2023, 06:31 PM
The market took a rest today, but overall it was a solid session. The major averages opened lower and traded down most of the day. Late buying came in and the major averages finished with small gains and high in their intraday trading ranges. The COMPQ and the NDX were higher by .07% and .10% respectively. The SPX rallied .12%. Volume was lower across the board, a positive sign. Leading stocks pulled back as well with the leaders index falling .78% on the day. The index close din the upper half of its trading range on lower but above average volume. The market did pretty well today. After a strong advance like we have had a consolidation is constructive. The major averages are holding nicely around Tuesday’s gap up. Volume was quite a bit lower today on both exchanges. This shows that large institutional players were not selling stocks heavily. This is an encouraging sign. Right now the market is acting well. It is consolidating after an advance, mostly on lower volume. This is a sign of strength. The rally is looking good. Jerry