Jerry Samet
04-09-2022, 11:44 AM
The market couldn’t build on Thursday’s gains yesterday. The major averages opened lower and after a rally attempt they sold off into the close. All the major averages finished low in their intraday trading ranges. The Nasd averages took the worst of it as tech stocks were hit again. The COMPQ and the NDX fell 1.34% and 1.41% respectively. The SPX declined .27%. Volume was lower across the board. It fell 14.2% on the New York and 5.05% on the Nasd. This avoided another distribution day on the major averages. Leading stocks were mixed on the day but did better than the overall market. The leaders index gained .18% on the day and closed in about the middle of its trading range. Volume was lower and well below average. The market continued its recent weakness yesterday. The major averages tried to rally but were unable to and ended the session lower. The major averages continue to trade below their respective 200dma’s, a negative sign. The market rallied nicely after the recent follow though and it looked like it might be a successful rally. Those hopes are fading as more weakness comes into the market. At this point it looks like it will be another failed follow through in a bear market. Things could still turn around but at this point it looks unlikely. Most follow throughs in bear markets fail, but the weekly Coppock signal improved the odds of success. It looks like there will be a rare failure of the weekly Coppock. Right now the outlook looks bleak and we should see lower prices ahead. Jerry