Jerry Samet
08-29-2024, 06:29 PM
The market got off to a nice start today, buy it didn’t last. After early gains selling came in and all the gains were lost. All the major averages finished low in their intraday trading ranges. The COMPQ and the NDX fell .23% and .13%. The SPX was flat. Volume was higher across the board, producing a distribution day on the COMPQ. Leading stocks were up slightly with the leaders index gaining .13% on the day. The index closed in the lower half of its intraday trading range on higher and above average volume. The market looked like it might stage a decent rally even with NVDA’s disappointment. Selling came in and all the gains were lost, except in the small and mid-cap stocks. This is disappointing as the stress on the rally increased. The NASD averages recovered their 50dma’s early in the session only to lose them by the close. The PCE numbers will be released tomorrow and could move the market. Right now the rally looks like it is in real trouble. If it doesn’t recover fast it will prove to be a failed follow through. There will be no update tomorrow. I hope everyone has a good Labor Day weekend. Jerry