Jerry Samet
03-23-2022, 06:33 PM
The market sold off today in the first real decline since the follow through. The major averages opened lower and after a rally attempt the selling came back in and continued into the close. All the major averages finished near their intraday trading lows. The losses were pretty evenly divided with the COMPQ and the NDX losing 1.32% and 1.41% respectively. The SPX declined 1.23%. Volume was lower across the board. It fell 5.37% on the Nasd and 1.44% on the New York. Leading stocks did a little better with the leaders index posting a slight gain of .19%. The index closed low in its trading range on lower and well below average volume. The market had its first real sell off of the current rally attempt, but the damage was pretty limited. The price declines were bigger than you would like, but volume was lower on both exchanges. This shows that large institutional players were not heavy sellers. The charts of the major averages still look good, but the New York averages fell below their 200dma’s, having overcome them only yesterday. The Nasd averages held their 50dma’s. The weekly Coppock is on track for a buy signal, but a good sized decline before the end of the week could change that. Right now the rally appears to be intact. Jerry