Jerry Samet
05-20-2020, 06:13 PM
There was no update yesterday due to some computer problems that are unfortunately not resolved yet. The market was strong today and more than recovered yesterday’s late losses. The major averages opened higher and spent most of the remainder of the session working their way higher. All the major averages finished at or very near their intraday trading highs, a sign of support. The Nasd averages were the strongest with the COMPQ and the NDX gaining 2.08% and 2.01% respectively. The SPX was higher by 1.67%. Volume was mixed. It gained 2.30% on the Nasd and was down by 2.21% on the New York. Leading stocks were higher as well with the leaders index gaining .74% on the day. It was a new high on both a closing and an intraday basis. The index closed high in its trading range on higher and just below average volume. The market continued to rally today. It regained yesterday’s late losses and made new highs for the move. The SPX is now within 1% of its 200dma and is close to the 3000 round number. It will have to break above this resistance, hopefully on heavy volume, for the rally to continue. The Nasd averages are looking strong and are at new highs for the rally. There is not much resistance in the charts on the way back to their old highs. The market is acting well right now and we have to watch the SPX at the 200dma and the COMPQ run for its old high. The rally is looking solid right now. Jerry