Jerry Samet
02-27-2025, 05:58 PM
The market had another ugly session today. The major averages opened a bit higher but the selling came in quickly and lasted most of the day. All the major averages finished near the bottom of their intraday trading ranges. The NASD averages again took the worst of it with the COMPQ and the NDX falling 2.78% and 2.75% respectively. The SPX lost 1.58%. Volume was higher across the board, producing a new distribution day on all the major averages. Leading stocks were hit hard again with the leaders index falling 3.70% on the day. The index closed near the bottom of its trading range on slightly lower and above average volume. The market continued to selloff today. The NASD averages and quality growth stocks led the way lower. The NASD averages are approaching their 200dma’s and the SPX is not too much further above this important moving average. Leading stocks have broken badly and the major averages are not far behind. The rally is pretty clearly over, the next question is the bull market. The market is showing a lot of signs of an important top. Is the bull market that started over two years ago over? There will be no update tomorrow. Jerry