Jerry Samet
10-03-2023, 06:22 PM
The market took a real hit today. The major averages opened lower and it was all downhill from there. All the major averages finished low in their intraday trading ranges. The COMQ and the NDX fell 1.87% and 1.83% respectively. The SPX declined 1.37%. Volume was higher across the board, showing distribution in the day’s action. Leading stocks were hit hard with the leaders index falling 3.63% on the day. The index closed low in its trading range on higher but below average volume. The index also broke below its 50dma. The market sold off hard after stronger than expected economic news caused a spike in long term interest rates. The turmoil in the House didn’t help either. All the major averages were hit hard on higher volume. This shows that large institutional players are still selling stocks. Market internals were very weak and many leading stocks broke important support. The SPX is also approaching its 200dma. The market is in a correction that is clearly not over yet. The beach is a good place to be right now. Jerry