Jerry Samet
04-30-2024, 06:21 PM
The market sold off today pretty hard ahead of earnings reports. The major averages opened lower and sold off most of the day, finishing near their intraday trading lows. The COMPQ and the NDX fell 2.04% and 1.92% respectively. The SPX lost 1.57%. Volume was higher across the board. This showed distribution on all the major averages. Leading stocks sold off as well with the leaders index falling 2.68% on the day. The index closed low in its trading range and has come back to its 50dma. Volume was higher and above average. The market sold off pretty hard today. Maybe increases in interest rated triggered it. Earnings came out after the close and most didn’t have to much effect, except for SMCI. The major averages rallied back up to very close to their respective 50dma’s, and today’s action looks like they may could be turned back. It is to early to tell, but the charts looked like it. There are still potential market moving news and earnings coming out later this week, so the market could go either way, but today’s action was not encouraging. Jerry