Jerry Samet
08-16-2022, 06:31 PM
The market took a bit of a rest today, but the overall tone remained supportive. The major averages showed some early weakness but found a bottom and rallied to some decent gains. Selling came but they recovered some of the losses. All the major averages finished in the upper half of their intraday trading ranges. The New York averages were the strongest with the SPX higher by .19%. The Nasd averages were lower with the COMPQ and the NDX declining .19% and .23% respectively. Volume was higher across the board. It gained 19.39% on the New York and 13.15% on the Nasd. Leading stocks were slightly lower with the leaders index lower by .19%. The index closed high in its trading range on higher volume. The market held up pretty well today. There was some more weak economic news and it caused some selling but a good deal of the decline was recovered by the close. The COMPQ avoided a distribution day by just a hair, but the overall count is low. The SPX just about tagged its declining 200dma but was turned back. The COMPQ is still just below this resistance level. The overall action of the market remains encouraging, but we are about at the 200dma resistance, so we will have to see how the major averages act at this level. We should know soon. Jerry