Jerry Samet
11-04-2023, 10:49 AM
The market staged a solid rally yesterday as the week’s positive action continued. The major averages opened higher and mostly worked their way up the rest of the day. All the major averages finished in the upper half of their intraday trading ranges. The COMPQ and the NDX gained 1.38% and 1.21% respectively. The SPX was higher by .94%. Volume was slightly lower across the board. Leading stocks rallied as well with the leaders index gaining 1.48% on the day. The index closed in about the middle of its trading range on lower and below average volume. The market continued its recent positive action yesterday. All the major averages showed solid gains with good closes. They all also broke above their respective 50dma’s yesterday, overcoming important resistance. The market finally appears to be in a real year end rally. There was a follow through last week, and barring a big decline there will be a weekly Coppock buy signal next week or the week after at most. Market internals were very strong yesterday and all my shorter term indicators are pointing up. It looks like a year end rally is finally underway. The combination of a weekly Coppock signal and a follow through is powerful, and it looks like this will be a tradable rally. Jerry