Jerry Samet
09-11-2024, 06:17 PM
The market staged a nice rally today. After early weakness when the CPI was a little higher than expected, the major averages rallied strongly into the close. All the major averages closed near their intraday trading highs. The COMPQ and the NDX gained 2.17% each while the SPX rallied 1.07%. Volume was mixed, higher on the NASD and lower on the New York. Leading stocks were higher but lagged the overall market. The leaders index gained .72% and closed high in its trading range. Volume was higher and above average. The market staged a nice reversal today as early losses became late gains. The SPX regained its 50dma, but on lower volume. The NASD averages remain below this resistance level. The market rallied nicely today, but has a long was to go to prove a change of direction. Today’s action is encouraging and maybe some positions could be taken, but it is still a correction. The NASD averages must regain their 50dma’s to help prove a turnaround. It hasn’t happened yet. Jerry