Jerry Samet
10-17-2023, 06:19 PM
It was a wild day. The major averages opened lower after stronger than expected retail sales news. They quickly found a bottom and rallied into positive territory. Selling came in and the gains were lost with the major averages finishing with moderate losses. All the major averages finished in the upper half of their intraday trading ranges. The COMPQ and the NDX ended lower by .25% and .33% respectively. The SPX was about flat with a loss of .01%. Volume was slightly higher across the board. Leading stocks were higher with the leaders index gaining .24% on the day. The index closed high in its trading range on higher and above average volume. The market started off with real losses when the retail sales report came in much higher than expected. The market staged a nice reversal and the major averages rallied into positive territory. The market couldn’t hold the gains and sold off the finish with moderate losses. The COMPQ is trying to get above its 50dma while the NDX held this important moving average. The leaders index continued to hold above its short term 9dma and is showing some relative strength. We are headed into the thick of earnings season and that will have a lot of effect on the rally. Right now the market looks like it wants to go higher but is struggling. I still think there will be a year end rally, but it looks like the market is not ready to go yet. Jerry