Jerry Samet
04-25-2022, 06:32 PM
After getting really pasted on Friday the market looked early like the declines would continue. The major averages found a bottom and reversed higher and rallied into the close. All the major averages finished near the top of their intraday trading ranges. The Nasd averages closed the strongest with the COMPQ and the NDX higher by 1.29% and 1.32% respectively. The SPX rallied .57%. Volume was higher across the board. It gained 10.71% on the Nasd and 15.34% on the New York. Leading stocks suffered early losses as well but didn't get into positive territory by the close. The leaders index finished down by 1.56%, but it was near the top of its trading range. Volume was higher and above average. The index traded most of the day below its 50dma but closed just above this important moving average. The market had a positive reversal after Friday’s weakness. It is short term positive that the market reversed higher, but I don’t think it changes the overall picture. This may have been an oversold rally or reaction to Musk’s purchase of Twitter, but if you look at the charts it doesn’t look like much. This reversal may produce a short rally, but I don’t think we have seen the bottom yet. Jerry