Jerry Samet
08-14-2023, 06:31 PM
The market staged a bit of a rebound today after recent weakness. The major averages opened lower and mostly tried to rally. Late buying saw all the major averages to finish near their intraday trading highs. The COMPQ and the NDX were higher by 1.05% and 1.18% respectively. The SPX gained .58%. Volume was mixed, slightly higher on the New York and lower on the Nasd. Leading stocks rallied as well with the leaders index gaining 1.90% on the day. The index closed high in its trading range on higher and above average volume. The market rallied today after its recent weakness, but it wasn’t that strong a move. The volume on the Nasd was lower and the volume on the New York was just fractionally higher. You would like to see strong volume on a rebound. The leaders index is right below its 50dma and the COMPQ is right on its 50dma. The NDX closed just above this important moving average. There were conflicting signs today, but the bottom line is that it was not a strong bounce. Certainly not what you want to see after a decline. There will be several important retail companies reporting this week as well as the Fed minutes. The overall picture hasn’t changed. I suspect we will see short term weakness into sometime in October. Then we could see more positive action. Jerry