Jerry Samet
10-17-2022, 06:29 PM
The market staged a solid rally today. After some good earnings reports before the open the major averages gapped higher and pretty much held the gains the rest of the session. All the major averages finished near their intraday trading highs. The COMPQ and the NDX gained 3.43% and 3.46% respectively. The SPX was higher by 2.69%. Volume was slightly lower with it declining by .59% on the New York and .71% on the Nasd, according to ToS. These numbers are so close that other data sources could have different results. Leading stocks were higher as well with the leaders index rallying 2.60% on the day. The index closed high in its trading range on lower and below average volume. The market opened strong after some better than expected earnings reports before the open. Volume was a littler lower. Higher volume on a big up day would be more encouraging. After Friday’s decline it looked like Thursday’s reversal might not produce much of a rally. Today’s action improved that case. There is resistance at the 21dma just above today’s prices. If that is overcome the major averages may rally up to their respective 50dma’s. That moving average would provide significant resistance. Jerry