Jerry Samet
03-06-2025, 05:48 PM
The market had another ugly session today and wiped out all of yesterday’s gains. The major averages opened lower and after a feeble rally attempt sold off into the close. All the major averages finished near their intraday trading lows. The COMPQ and NDX fell 2.61% and 2.79% respectively. The SPX lost 1.78%. Volume was higher across the board, although the gain was small on the New York. Leading stocks were crushed. The leaders index fell 8.37% on the day. The index closed low in its trading range on higher and above average volume. Some ETFs of leading growth stocks were hit hard as well. The market continued its selloff today as the major averages showed large losses. Leading stocks did even worse as formally leading stocks continued to get hit hard. The leaders are broken and the charts of the major averages look even worse. The NDX broke below its 200dma and the COMPQ went back below this important moving average. The SPX is barely above it. The higher volume showed that large institutional players were selling stocks today. The employment report comes out tomorrow, hopefully it will be market friendly. It’s sure looking like a bear. Jerry