Jerry Samet
12-07-2023, 06:24 PM
After yesterday’s reversal the market staged a solid rally today. The major averages opened higher and worked their way up the rest of the day. All the major averages finished near their intraday trading highs. Gains in the large cap tech stocks drove the Nasd averages up. The COMPQ and the NDX rallied 1.37% and 1.48% respectively. The SPX gained a solid .80%. Volume was mixed, higher on the Nasd and lower on the New York. Leading stocks lagged the overall market with the leaders index gaining .18% on the day. The index closed high in its trading range on lower and below average volume. The market rallied nicely today. After yesterday’s negative reversal the COMPQ put in a follow through like day. The major averages closed strong and are now high in the recent consolidations that they have been in. A break above this area on the charts would be very positive. Leading stocks are pulling back a bit as the leaders index tagged its 17dma but held above it. The market is still consolidating after a recent rally and it still looks like it is a pretty constructive pattern. The employment report will come out before the open tomorrow and that will set the tone for trading. The Fed meeting is also next week. Today’s positive action did a lot to erase yesterday’s negative action and the rally appears to remain on solid ground. There will be no update tomorrow. Jerry