Jerry Samet
04-30-2025, 06:22 PM
The market had a real ride today before a positive reversal. The major averages opened with big losses due to weaker than expected economic news, but put in a bottom quickly and rallied into the close. All the losses were erased by the close and the major averages finished little changed and high in their intraday trading ranges. The COMPQ declined .09% while the NDX gained .13%. The SPX was higher by .15%. Volume was mixed, lower on the NASD and higher on the New York. Leading stocks were lower on the day. The leaders index fell .80%, but closed high in its trading range. Volume was higher but just below average. The index found support at its 50dma. The market staged a nice positive reversal today. There were pretty big early losses and it looked like the major averages might not make it above their 50dma’s. They soon found a bottom after a good inflation report and rallied nicely, erasing all the losses by the close. After the finish MSFT and META both had good earnings reports and are trading higher after hours. Today’s action was encouraging for the current rally. The reversal indicates support and the earnings reports will help. There are still the earnings reports from AAPL and AMZN tomorrow and Friday’s employment report. The major averages still have to break above their respective 50dma’s. Maybe today’s earnings reports will provide the fuel, but that is the next step. Jerry