Jerry Samet
03-19-2025, 06:33 PM
The market put in a solid up session today. The major averages opened higher and mostly worked their way up the rest of the session. A little late weakness saw the major averages finish off their highs, but they all closed in the upper half of their intraday trading ranges. The COMPQ and the NDX gained 1.41% and 1.30% respectively. The SPX rallied 1.08%. Volume was lower across the board. Leading stocks were strong as well. The leaders index gained 4.30% on the day. The index closed high in its trading range on higher and above average volume. The market put in a good overall session today. The major averages showed solid strength and closed high in their trading ranges. This is good. The lower volume is a negative as you want to see higher volume on a rally day. If volume was higher there would have been a follow through on the COMPQ. The As minus Es joined the Summation Index in turning higher. It looks like the market is trying to put on a countertrend rally. Most of the pieces are there. Such a rally could retrace 50% of the recent downturn easily if it works out. The 200dma’s of the major averages still loom as major resistance and breaking above this important moving average is the first hurdle. Jerry