Jerry Samet
03-20-2024, 06:26 PM
The market put in a strong rally today on a well-received Fed announcement. The major averages traded sideways until the announcement then rallied into the close. All the major averages finished near the top of their intraday trading ranges. The COMPQ and the NDX gained 1.29% and 1.15% respectively. The SPX rallied .89%. Volume was higher across the board. Leading stocks had a strong day as well with the leaders index gaining 1.95% on the day. The index closed near the top of its trading range on higher but below average volume. This is a new high for the index. The market liked the Fed announcement and news conference and rallied hard. There were several new highs among the major averages and the leaders index. The higher volume was also encouraging. The Fed seemed to confirm three rate cuts this year and the market liked it. The move to new highs could mean that the rally is not finished yet and could move higher. Often times the action on a Fed announcement is reversed the next day. If the market can remain strong tomorrow, the chances of the rally continuing increase. I will be away for a few days. The updates will resume on Monday. Jerry