Jerry Samet
03-12-2025, 06:26 PM
The market had a decent bounce today after recent weakness. The major averages opened a bit higher but then bounced around all day. All the major averages finished just above the midpoint of their intraday trading ranges. The NASD averages were the strongest with the COMPQ and the NDX gained 1.22% and 1.13% respectively. The SPX rallied .49% on the day. Volume was lower across the board, not what you want to see on a rebound after a selloff. Leading stocks rallied as well. The leaders index gained a strong 3.81% on the day. The index closed in the upper half of its trading range on lower but above average volume. The index remains below all its short term moving averages. The market had a moderate bounce today. The gains were solid, but volume was lower on both exchanges. This is not want you want to see in a rally after a big selloff. We are certainly due for some level of countertrend rally, but there have been a couple of one day rally wonders in this decline. The CPI report today was friendly and the market rallied early, but the major averages all put in their intraday highs in the first five minutes of trading. We will have to see if today’s action is the start of a real countertrend rally or just another blip in the decline. The 200dma’s of the major averages are the first important test. Jerry