Jerry Samet
04-14-2020, 06:21 PM
The market staged a powerful rally today. The major averages opened higher and mostly worked their way higher for the rest of the session. The gains were large and the buying was pretty consistent throughout the day. All the major averages finished at or very near their intraday trading highs. The Nasd averages were again the strongest with the COMPQ and the NDX gaining 3.95% and 4.31% respectively. The SPX rallied 3.06%. Volume was higher across the board. It gained 6.40% on the New York and 18.34% on the Nasd. This is positive. Leading stocks rallied as well with the leaders index gaining 3.15% on the session. The index closed in the upper half of its trading range on higher and just below average volume. This is also a new high for the leaders index. The market put in a strong session today. The major averages posted large gains on higher volume. This shows that large institutional players were buying stocks today. In a very positive development the COMPQ broke above both its 50dma and its 200dma, overcoming important resistance. The NDX broke above its 50dma and was already above its 200dma. Also the weekly Coppock has slowed its rate of decline and it would not take much more upside to turn it higher. That would be very important confirmation of the rally that we have not yet seen. The market pretty clearly is trying to go higher and the overall picture improved today. This is still a bear market rally and they are difficult to play but this one is looking like it wants to go higher. Jerry