Jerry Samet
09-13-2023, 06:28 PM
The market tried to rally early, but it didn’t hold. The major averages opened higher but selling came in and drove prices down. After bouncing around late buying came in and the major averages finished in about the middle of their intraday trading ranges. The COMPQ and the NDX were higher by .29% and .38% respectively. The SPX gained .12%. Volume was mixed. It was higher on the Nasd and lower on the New York. Leading stocks were lower on the day with the leaders index declining .24%. The index closed high in its trading range on higher but below average volume. The index is sitting right on its important 17dma. The market tried to rally early, but couldn’t hold most of the gains. The action today was generally weak even though the major averages finished with small gains. Internals were weak as the rally continues to struggle. The major averages are fighting to get and stay above their respective 50DMA’s while the leaders index is right on important support at its 17dma. If the leaders index breaks this important moving average it will be a real sign of weakness. The market is struggling to maintain the current rally attempt and is having a hard time. I suspect we will see somewhat lower prices before we see higher prices. Jerry