Jerry Samet
06-04-2024, 06:18 PM
It was a choppy session overall with a slight upside late bias. The major averages finished with small gains after some late buying and ended high in their intraday trading ranges. The COMPQ and the NDX were higher by .17% and .29% respectively. The SPX gained .15%. Volume was lower across the board. Leading stocks had a weak session overall with the leaders index falling 1.86% on the day. The index closed in about the middle of its trading range on about flat volume. The index broke below its important 17dma support level. The market traded in a choppy fashion most of the day. Some late strength produced the high close, but it was still a quiet day. The market continues in a struggling rally that seems to be working its way slightly higher. There are some shorter term indicators I look at that are pointed down. Small and mid-cap stocks were hit hard again today and are starting to look sickly. There is a lot of news coming up this week, particularly the employment report on Friday. That will likely set the tone in the short term. Jerry