Jerry Samet
04-25-2020, 12:15 PM
The market rallied pretty nicely yesterday. After opening higher the major averages bounced around a bit before rallying into the close. All the major averages finished at their intraday trading highs as there was buying into the close. The Nasd averages were the strongest with the COMPQ and the NDX gaining 1.65% and 1.68% respectively. The SPX was higher by 1.39%. In the only real negative volume was lower across the board. It declined by 2.91% on the Nasd and 11.58% on the New York. Leading stocks were higher as well with the leaders index rallying 1.46%. The index closed near the top of its trading range on lower and well below average volume. The market action yesterday was overall positive. After hesitating a little early the major averages rallied nicely into the close. The SPX regained its 50dma while the Nasd averages retained their support levels and are close to new highs for the rally. The market is acting like it wants to go higher as there are some quality growth stocks are producing some gains. The weekly Coppock did not turn up so we will have to see what it does next week. The leaders index has been consolidating for the last week near its highs and is holding above its short term 9dma. The preponderance of the evidence likely points to higher prices in the short term, but the big question right now is will the market go back to its old highs or will it retest the recent lows. Jerry