Jerry Samet
02-02-2022, 06:49 PM
The market put in a moderately positive session today and built on recent gains. The major averages opened slightly higher and after a little weakness worked their way higher most of the remainder of the day. All the major averages finished in the upper half of their intraday trading ranges. The COMPQ and the NDX gained .50% and .80% respectively. The SPX rallied .94%. Volume was lower across the board, according to Esignal. It fell 1.21% on the Nasd and 3.76% on the New York. Leading stocks were higher as well with the leaders index gaining 1.28% on the day. The index closed high in its trading range on slightly lower and below average volume. The market rose more moderately today, but the gains were real. The markets worked their way up most of the day and again closed high in their trading ranges. Market internals were weaker today. The major averages rallied on good earnings reports from several important companies, led by GOOGL. After the close today several companies, led by FB, reported disappointing results and futures are down as of this writing. I have been skeptical of this rally, but you never know in the stock market. The COMPQ and the SPX have important resistance not far above their current levels. The SPX must get above its 50dma and the COMPQ has to overcome its 200dma. The leaders index is also rallying into its 17dma. If they can break above these moving averages then the market could move higher. Jerry