Jerry Samet
04-07-2022, 07:25 PM
The market ended up moderately higher today. After substantial early losses the major averages found a bottom and rallied mostly into the close, finishing with mild gains. All the major averages finished high in their intraday trading ranges. The New York averages were the strongest with the SPX gaining .43%. The COMPQ and the NDX were higher by .06% and .23% respectively. Volume was lower across the board. It fell 9.37% on the Nasd and 3.73% on the New York. Leading stocks were higher on the day with the leaders index gaining 1.37% on the session. The index closed in about the middle of its trading range on lower and below average volume. The market looked pretty bleak early on as it looked like there would be a continuation of recent selling. The major averages found a bottom and rallied almost into the close when some mild selling came in. This saved the market from another ugly day, but I don’t think it really does much to change the overall picture. The SPX closed right on its 200dma while all the other major averages remain below this important moving average. Despite this reversal the rally remains on shaky ground and a good deal of caution is warranted. Jerry