Jerry Samet
09-18-2023, 06:23 PM
The market pretty much treaded water today in a boring session. The major averages were a bit higher early in the day but selling came in and they finished little changed. All the major averages closed in about the middle of their intraday trading ranges. The COMPQ and the NDX gained .01% and .15% respectively. The SPX was slightly higher by .07%. Volume was much lower, as would be expected after an expiration day. Leading stocks were mostly lower with the leaders index falling .85% on the day. The index closed in about the middle of its trading range on lower and below average volume. It was a quiet day as the market awaits the big news of the week, the Fed announcement on Wednesday. The market continued to act weak overall with late selling erasing moderate early gains. Leading stocks are not acting well as the leaders index fell further below its 17dma. The short term 9dma is also close to breaking below the 17dma. This is weak action in quality growth stocks. The market is still looking weak and I expect to see lower prices in the near term. Jerry