Jerry Samet
01-06-2024, 11:09 AM
The market tried to stage a rally yesterday, but it didn’t amount to much. The major averages opened higher and produced some decent early gains. They didn’t hold and selling came in. After bouncing around the major averages finished with small gains but low in their intraday trading ranges. The COMPQ and the NDX were higher by .09% and .15% respectively. The SPX gained .18%. Volume was mixed, higher on the New York and slightly lower on the Nasd. Leading stocks were slightly higher as well with the leaders index gaining .18% on the day. The index closed in the lower half of its trading range on higher and about average volume. The market made another attempt to rally yesterday, but it didn’t go far. There were slight gains in the major averages, but the recent weakness continued. Leading stocks are trying to recover and the leaders index is sitting right on its 17dma. Recovering this moving average would be a good sign. Right now it looks like the recent weakness is not over as the market has been unable to stage any kind of meaningful rally. The damage done so far has been moderate and not enough to put the overall rally in question, but if it continues much longer that could change. Jerry