Jerry Samet
03-29-2025, 09:10 AM
The market got hit hard again yesterday. The major averages opened lower and spent most of the rest of the day working their way down. All the major averages finished near the bottom of their intraday trading ranges. The COMPQ and the NDX fell 2.70% and 2.61% respectively. The SPX lost 1.57%. Volume was mixed, lower on the NASD and higher on the New York. Leading stocks sold off as well. The leaders index fell 1.81% on the day. The index closed in about the middle of its trading range on lower and about average volume. The market took another hit yesterday as the PCE came in higher than expected and consumer sentiment weakened further. The market is acting very poorly. The recent rally attempt appears to have failed. If this was a countertrend rally it was a very weak one as it recovered a small percentage of the recent decline. This is negative action. The NASD averaged are very close to taking out the lows of the recent selloff. This would be very negative as it would likely portend lower prices. It is looking more and more like a bear market. We may well be beginning the second leg down of a bear if we break recent lows. That looks likely at this point. Recession fears are growing and that would make it worse. It looks like we have further to go on the downside. Jerry