Jerry Samet
12-17-2024, 07:02 PM
The market had a weak session overall today. The major averages opened lower and traded in negative territory all day. Some late strength saw all the major averages finish high in their intraday trading ranges. The COMPQ and the NDX fell .32% and .43% respectively. The SPX declined .39%. Volume was higher across the board, producing a new distribution day on all the major averages. Leading stocks sold off as well with the leaders index falling 1.43% on the day. The index closed high in its trading range on lower but above average volume. The market pulled back after yesterday’s positive action. Market internals were negative again today, which is starting to be something to watch. The advance/decline lines on the exchanges are looking poor. The market seems to be struggling a bit right now as small and mid-cap stocks lag. The market seems to have gone back to mostly a small number of big cap tech stocks leading the way while the rest of the market lags. The rally still seems to be ok, but not as solid as it recently has been. The Fed announcement is tomorrow, that will set the tone for trading. Jerry