Jerry Samet
05-29-2024, 06:26 PM
The market put in a poor performance today. The major averages opened lower and mostly stayed there all day. All the major averages finished near their intraday trading lows. The COMPQ and the NDX fell .58% and .70% respectively. The SPX declined .74%. Volume was mixed, lower on the New York and higher on the NASD. This produced a distribution day on the COMPQ. Leading stocks were lower as well with the leaders index falling .42% on the day. The index closed in the upper half of its trading range on lower but above average volume. The index held its short term 9dma. It was a negative session today as the market showed real weakness . Market internals were very weak and we got a distribution day on the COMPQ, right after it set a new high. A couple of the short term indicators I look at, the As minus Es and the Summation Index, have turned down in the last few days. A group of secondary averages broke below their 50dma’s today. They include the S&P 600, MID, NYA, RUT, and INDU. This is not encouraging action. Also CRM reported after the close and it is trading a lot lower after hours. The rally and follow through are showing some cracks. Jerry