Jerry Samet
03-03-2025, 06:01 PM
After a nice rally on Friday the market gave it all back and more today. The major averages opened higher but put in their highs in the first five minutes. Selling came in and lasted the rest of the day. All the major averages finished near their intraday trading lows. There were strong losses all around but the NASD averages again took the worst of it. The COMPQ and the NDX fell 2.64% and 2.20%. The SPX declined 1.76%. Volume was mixed, lower on the New York and higher on the NASD. This produced a new distribution day on the NASD averages. Leading stocks were hit hard again. The leaders index fell 2.90% on lower but above average volume. The market selloff continued today as all of Friday’s gains were erased. The COMPQ is sitting right on its 200dma while the other major averages are not far above this moving average. Leading stocks continued to get hit as the leaders index continued to trade below its 50dma. The market is clearly in a correction now and the real question becomes is this a correction or the beginning of a bear market. It is to early to know for sure, but the signs of the latter are getting stronger. Jerry