Jerry Samet
08-16-2023, 06:26 PM
The market continued its corrective action today. The major averages opened mixed and after a feeble rally attempt sold off mostly into the close. All the major averages finished near their intraday trading lows. The COMPQ and the NDX fell 1.15% and 1.07% respectively. The SPX declined .76% Volume was mixed, higher on the Nasd and fractionally lower on the New York. This gave the Nasd averages a new distribution day. Leading stocks sold off as well with the leaders index falling 1.72% on the day. The index closed low in its trading range on lower and about average volume. The market continued to correct today with more weak action. All the major averages finished weak and the volume on the Nasd was very high. This shows some institutional selling. All the major averages are now below their important 50dma’s. The leaders index along with the Nasd averages can be said to be living below their respective 50dma’s. The SPX is not far behind. The market is clearly selling off and is in a correction. I suspect it will last into October. Jerry