Jerry Samet
09-14-2020, 06:36 PM
The market staged an overall pretty solid rally session today. The gains came within an hour of the open and the major averages were sideways to a bit lower for the remainder of the session. The major averages finished in about the middle of their intraday trading ranges. Nasd averages were a bit stronger with the COMPQ and the NDX higher by 1.87% and 1.72% respectively. The SPX gained 1.27%. Volume was a bit higher across the board. It gained 1.65% on the New York and 2.35% on the Nasd. Leading stocks stages a good rally today. The leaders index rallied 4.15% on the day. The index closed high in its trading range on slightly lower and below average volume. It regained its short term 9dma but remains just below its important 17dma. The market had a positive session today. The major averages opened higher and mostly held on to the gains. The gains were substantial, especially in the Nasd averages. Volume was just a little bit higher, but it still qualifies as a rally day on higher volume. Today’s action was encouraging, but one day is not enough to overcome the damage done in the recent decline. The leaders index should now break above its important 17dma, hopefully on heavy volume, to show that quality growth stocks are repairing the recent declines. The COMPQ broke back above its 50dma today. It has now broken below this important moving average twice and recovered the losses. It if breaks below again it would be a very negative sign. The market had a good day, but it has a ways to go to prove it is back on solid ground. Jerry