Jerry Samet
11-01-2023, 07:00 PM
The market put in a strong session today. The major averages opened higher and after giving up some of the gains rallied into the close on Powell’s press conference. The major averages all finished near their intraday trading highs. The COMPQ and the NDX were higher by 1.64% and 1.77% on the day. The SPX rallied 1.05%. Volume was higher across the board, producing a follow through on the Nasd averages. Leading stocks rallied as well with the leaders index gaining 2.06% on the day. The index closed high in its trading range on lower and below average volume. The market had a strong session today. It was higher before the Fed announcement but really took off during Powel’s press conference. The price gains combined with the higher volume produced a follow through on the Nasd averages. This could be a volatility induced follow through which would make it suspect. There are however some other positive signs under the surface. The %Es are to high to confirm a follow through and there was no Eureka signal today. The weekly Coppock didn’t signal but the rate of decline is slowing and there is a definite curl in the chart. On the other hand the two main shorter term indicators I look at, the Summation Index and the A’s minus E’s both turned up today. If the weekly Coppock signals in the next week of two it will significantly change the picture. I would be buying heavily if that happens, but the picture is looking better. Jerry