Jerry Samet
09-19-2023, 06:24 PM
The market put in another weak session today. The major averages opened a bit lower but then began selling off to some meaningful declines. Buying came in about half way through the session and much of the losses were recovered, but the major averages still finished lower, but all the major averages closed high in their intraday trading ranges. The COMPQ, NDX and SPX were all lower by between .22% and .23%. Volume was mixed. It was lower on the Nasd and higher on the New York. This produced a new distribution day on the New York averages. Leading stocks were lower as well with the leaders index losing 1.25% on the day. The index closed high in its trading range on slightly lower volume. The market weakened further today. About all you can say good about today’s action is that the major averages and the leaders index closed high in their trading ranges. But they mover further below their 50dma’s. Leading stocks are acting poorly as well. The leaders index moved further below its 17dma and the short term 9dma fell below its longer term cousin. The COMPQ took out the lows of its follow through day today but closed right above it. It appears to be only a matter of time before this low is taken out and the rally officially fails. The Fed announcement is tomorrow and that will determine trading. It appears that they will not raise rates tomorrow, although you never know what will come out of the news conference. Fed announcement days are always interesting. Jerry