Jerry Samet
08-12-2024, 06:25 PM
The market put in a mixed session with not much movement in either direction. The major averages opened higher and went to some decent gains, but couldn’t hold them. Selling came in and lasted mostly into the close. All the major averages finished low in their intraday trading ranges. The COMPQ and the NDX gained .21% and .16% respectively. The SPX was flat. Volume was lower across the board. Leading stocks were slightly lower with the leaders index falling .21% on the day. The index closed in about the middle of its trading range on about flat volume. We had another fairly solid open that was lost by the close. Strong opens and weak closes shows a weak market. There is still a rally attempt in progress, but even if there is a follow through in the near term, I don’t think it will produce a real rally. Breakouts are not working very well right now and this is not the time of year that usually produces successful rallies. I think we will likely not see a real rally until the October time frame. That will give the weekly Coppock time to set up and confirm a follow through. Until then I think caution should be practiced. Jerry