Jerry Samet
01-20-2024, 11:24 AM
The market staged a strong rally yesterday and went to new high ground. The major averages opened higher and it was pretty much all uphill from there. All the major averages finished near their intraday trading highs. The Nasd averages led the way due to strength in big cap tech stocks. The COMPQ and the NDX gained 1.70% and 1.95% respectively. The SPX rallied 1.23%. Volume was higher across the board. Leading stocks were stronger as well with the leaders index gaining 1.08% in the day. The index closed high in its trading range on higher and above average volume. It was an excellent session yesterday, if you are long. The market staged strong moves and all the major averages made new all-time highs. I said earlier in the week that the major averages were in basing patterns in their daily and weekly charts. They all broke out from those bases Thursday and Friday on higher volume. This is very positive and it looks like the recent consolidation is over and the market is ready to move higher. There are a string of important earnings reports coming out over the next two weeks and that will effect the market. Right now it looks like the market is expecting good numbers. All the major averages and the leaders index are at new highs and they did so on strong volume. This is a positive overall picture for the rally. Jerry