Jerry Samet
09-21-2023, 06:20 PM
The selling intensified today as the market continued lower. The major averages opened lower and it was pretty much all downhill from there. The losses were pretty evenly divided with the COMPQ and the NDX falling 1.82% and 1.84% respectively. The SPX declined 1.64%. All the major averages finished near the bottom of their intraday trading ranges. Volume was higher across the board, showing that large institutional players were selling stocks today. Leading stocks were lower as well with the leaders index declining 2.81% on the day. The index closed in about the middle of its trading range on higher and above average volume. The index also closed right on its 50dma. The action of the market today was pretty ugly. The selling from the Fed announcement continued as the market prices in interest rated staying higher for longer than it expected. The correction deepened and market internals were very negative. There was also a lot of distribution under the surface. September is living up to its reputation as a lousy month for stocks, but I still believe there will be a tradable bottom in October. The weekly Coppock is dropping fast and will soon be in a position to signal. If we get a well confirmed follow through then, it could well lead to a tradable rally. Jerry