Jerry Samet
05-30-2024, 06:14 PM
The market was overall weak today, but there was some positive action under the surface. The major averages opened lower and mostly worked their way down the rest of the day. All the major averages finished low in their intraday trading ranges. The NASD averages were weakest with the COMPQ and the NDX falling 1.08% and 1.06% respectively. The SPX declined .60%. Volume was higher across the board, producing a new distribution day on all the major averages. Leading stocks were lower as well with the leaders index declining .91% on the day. The index closed in about the middle of its trading range on lower and slightly below average volume. The market put in an overall negative session today as prices of the major averages and leading stocks mostly declined. All the major averages closed weak and the distribution count is getting up there. There was some strength under the surface as market internals looked pretty good. Overall though it was another negative session. DELL reported after the close and the market is not reacting well. The PCE report comes out before the open tomorrow and that will set the tone for trading, but today’s action did not improve the picture. Jerry