Jerry Samet
10-30-2023, 06:31 PM
The market rallied today after recent weakness. The major averages opened higher and mostly worked their way up the rest of the day. All the major averages finished high in their intraday trading ranges. The COMPQ and the NDX gained 1.16% and 1.09% respectively. The SPX gained 1.20%. Volume was mixed. Fractionally higher on the Nasd and lower on the New York. Leading stocks were higher as well with the leaders index gaining .80% on the session. The index closed in about the middle of its trading range on lower and below average volume. The market bounced today after quite a bit of weakness last week. The gains were solid and the major averages closed strong. Volume was disappointing as you would like to see strong volume on a bounce. This was overall a not to impressive bounce. There is a lot of overhead resistance. The COMPQ is sitting right on its 200dma while the SPX is below this important moving average. The NDX is above its 200dma. If the major averages can overcome their respective 200 day moving averages, the 50 day moving averages loom ahead. Also there are clearly defined downtrend lines on the major averages. This week is a busy one. AAPL reports on Thursday along with a large number of other companies. Wednesday will see the Fed announcement and Friday is the employment report. There are a lot of possible market moving events this week, so it will likely not be boring. Jerry