Jerry Samet
10-02-2023, 06:20 PM
The market opened mixed but spent most of the session struggling. Late buying saw the major averages finish high in their intraday trading ranges. The Nasd averages were strongest due to gains in large cap tech stocks. The COMPQ and the NDX gained .67% and .83% respectively. The SPX was essentially flat today with a gain of .01%. Volume was mixed. Higher on the New York and lower on the Nasd. Leading stocks were little changed with the leaders index lower by only .06%. The index closed in about the middle of its trading range on lower and below average volume. It was another overall weak session today. The Nasd averages had solid gains, but it was on lower volume and due to a few large cap tech stocks. Market internals were extremely weak and the number of new lows expanded dramatically. The market is acting pretty badly here and I would expect to see lower prices in the near term. The good news is that the weekly Coppock is at about zero now and will very soon be in a position to give a buy signal. October is a month that has seen a lot of important bottoms in the past. I think there is a good chance we will see a tradable bottom in late October or early November. Jerry