Jerry Samet
03-03-2022, 06:28 PM
The market sold off today and a good chunk of yesterday’s gains were lost, especially in the Nasd averages. The major averages opened moderately higher but quickly sold off. There was a rally attempt that quickly failed and all the major averages finished low in their intraday trading ranges. The COMPQ and the NDX declined 1.56% and 1.46% respectively. The SPX lost .3%. Volume was lower across the board. It fell 3.71% on the Nasd and 6.56% on the New York. Leading stocks were moderately lower but did better than the overall market. The leaders index fell .60% on the day. The index closed in about the middle of its trading range on lower and well below average volume. The market erased a good chunk of yesterday’s gains as the market continued to go back and forth and produce little change in either direction. The market remains news driven and it goes up or down based on the latest headlines. It is a very difficult market to make any progress in and a lot of caution is warranted. We will have to see if the major averages can overcome the overhead resistance of their important moving averages. If there is a follow through that is well confirmed there could be a tradable rally. If not the market will likely work its way lower. There will be no update tomorrow. Jerry