Jerry Samet
08-24-2023, 06:31 PM
The market saw early gains, but they were quickly lost. The major averages opened higher but selling came in and they sold off into the close. All the major averages finished near the bottom of their intraday trading ranges. The Nasd averages took the worst of it with the COMPQ and the NDX falling 1.87% and 2.19% respectively. The SPX declined 1.35%. Volume was mixed, lower on the New York and higher on the Nasd. Leading stocks were hit hard as well with the leaders index falling 3.44% on the day. The index closed low in its trading range on much higher and above average volume. The market looked like it would continue its rally attempt on NVDA’s earnings, but the picture quickly changed. Selling came in and the market reversed hard. All of yesterday’s gains were lost and then some. There were also outside days on all the major averages and the leaders index. It also appears that the major averages and the leaders index were turned back at their respective 50dma’s after attempting to break above them. It looked like the market might make a rally attempt, but after today’s reversal that looks a lot less likely. We are in a correction and are likely to see lower prices in the near term. How much lower we can’t know right now. It’s a good time to be at the beach. There will be no update tomorrow. Jerry