Jerry Samet
06-20-2024, 06:25 PM
The market had a weak session overall today. After opening higher the major averages reversed and mostly sold off into the close. All the major averages finished low in their intraday trading ranges. The COMPQ and the NDX fell .79% each. The SPX declined .25%. Volume was higher across the board, producing a distribution day on all the major averages. Leading stocks sold off as well with the leaders index falling 2.22% on the day. The index closed low in its trading range on higher and above average volume. The market showed some weakness today after doing well. The major averages reversed lower on higher volume. They have been very extended from their important moving averages , seen in the high jump indicator, for a while now and a pullback is to be expected. We may be seeing the beginning of that now. It doesn’t mean that the rally is over, but some consolidation or pullback would allow the moving averages to catch up to prices and would be healthy. This has not been a strong rally from the start, but it has gotten extended. It looks like there will be at least some consolidation here, but that doesn’t mean the rally is over. There will be no update tomorrow. Jerry