Jerry Samet
03-17-2025, 06:34 PM
The market had a solid session today after Friday’s bounce. The major averages opened a bit higher and after a decline rallied nicely. Some selling in the last few minutes caused the major averages to finish off their highs, but still in the upper half of their intraday trading ranges. The NASD averages lagged a bit with the COMPQ and the NDX gaining .31% and .55% respectively. The SPX rallied .64%. Volume was mixed, higher on the New York and lower on the NASD. Leading stocks were higher as well. The leaders index gained 2.86% on the day. The index closed high in its trading range on higher and slightly above average volume. The market had a good follow on to Friday’s rally. This is the first time it has happened since the correction started. There was some late selling that caused the major averages to close off their highs, but it was still a good day over all. Market internals were strong. It would have been better if there had not been the late selling and if the volume on the NASD had been higher. Despite this it was a solid follow on to the strong gains on Friday. This is the first time since the correction started that we have seen this. That is encouraging. The Summation Index turned up today as so has given a positive signal. The As minus Es did not turn up today, but they are very close. It won’t take much more positive action to turn it. If this turns out to be a real countertrend rally and not a blip, it has some important hurdles to overcome. The first is the 200dma of the major averages. This is the first step. The Fed meeting begins tomorrow and the announcement will come on Wednesday. That should set the tone, but for now the rally attempt looks ok. Jerry