Jerry Samet
01-18-2024, 06:43 PM
The market staged a nice bounce today. The major averages opened higher and after some selling rallied into the close. All the major averages finished near their intraday trading highs. The Nasd averages were the strongest due to strength in tech stocks. The COMPQ and the NDX gained 1.35% and 1.47% respectively. The SPX rallied .88%. Volume was higher across the board, an encouraging sign. Leading stocks were higher as well with the leaders index gaining .38% on the day. The index closed high in its trading range on higher but below average volume. The market rallied nicely after recent weakness. The gains were solid and leading stocks did well. The leaders index made a new high today in higher volume, a sign that quality growth stocks are doing well. The NDX made a new high today and the other major averages are close. If you look at the daily and weekly charts of the major averages you can see the recent basing patterns. The charts are looking good and we will have to wait to see if they break out or break down. Right now the rally looks solid and that would suggest the move will be higher. Earnings season is kicking off and will be in high gear starting next week. The market is holding up well in the face of cautious comments from Fed officials and the rally should continue. Jerry