Jerry Samet
04-06-2022, 06:29 PM
The market sold off today in a continuation of yesterday’s weakness. The major averages opened lower and bounced around in negative territory the rest of the session. The Nasd averages finished in about the middle of their intraday trading ranges while the New York averages closed in the upper half of their trading ranges. The COMPQ and the NDX fell 2.22% and 2.17% respectively. The SPX lost .97%. Volume was higher across the board. It gained 13.27% on the Nasd and 5.23% on the New York. This produced a distribution day on all the major averages. Leading stocks were weaker as well with the leaders index declining .97% on the day. The index closed in about the middle of its trading range on higher and almost average volume. The market continued to weaken today as there was a lot of selling on higher volume. This showed that large institutional players were dumping stocks today. We are also close to a distribution cluster, which would be very negative. The New York averages joined the Nasd averages below their important 200dma’s. The market looks like it is on shaky ground as the rally is in trouble. It is common for follow through days to fail in bear markets, but this one was confirmed by the weekly Coppock. All indicators misfire sometimes and the Coppock is the best I have found, but occasionally they all have a false signal. Any further weakness from here will likely end the rally and cause the follow through to fail. It isn’t looking good right now. Jerry