Jerry Samet
07-24-2023, 06:13 PM
The market was moderately higher today as it awaits a big week. The major averages opened little changed and were mostly higher for the day. The New York averages were stronger with the SPX gaining .40% the COMPQ and the NDX were up by .19% and .14% respectively. The New York averages finished high in their intraday trading ranges while the Nasd averages closed in about the middle of theirs. Volume was also mixed. It was higher on the New York and lower on the Nasd. Leading stocks were slightly lower as well with the leaders index declining .18% in the day. The index closed in the upper half of its trading range on lower and well below average volume. The index also closed right on its 17dma support level. The market was slightly higher today, but was pretty quiet overall as we wait for a big week of news. This is the most important week of the season for earnings reports as several major tech companies report. The Fed will also announce the results of its meeting on Wednesday. A 25 basis point increase is pretty much baked in, but you never know what will come out of the press conference. The first estimate of 2nd quarter GDP will also come out. The market has pulled back already and that may not be over yet, but I believe the longer term trend is higher. Jerry