Jerry Samet
05-01-2025, 06:21 PM
The market put in a good session overall today after positive earnings reports yesterday. The major averages opened with solid gains and mostly held on to them the rest of the day. Late selling saw all the major averages finish low in their intraday trading ranges, but still with nice gains. The COMPQ and the NDX rallied 1.52% and 1.10% respectively. The SPX was higher by .63%. Volume was really close on both exchanges, according to ToS. Leading stocks were mostly higher as well with the leaders index gaining .89% on the day. The index closed low in its trading range on lower and below average volume. The market rallied nicely on the good earnings reports from MSFT and META. The major averages broke above their respective 50DMA’s, which is what we have been looking for. Late selling saw the major averages finish low in their trading ranges, which is not what you want to see, but overall the session was encouraging. The rally is building some steam. Breaking above the 50dma was a good thing and now that can act as good support. The market should stay above this important moving average for the rally to continue. The next big hurdle for the major averages is their respective 200DMA’s. Another potentially positive indicator is that the weekly Coppock is very close to signaling. It hasn’t yet but it has flattened out, so further strength from here could trigger a signal. AMZN and AAPL both reported after the close and are trading moderately lower, as of this writing. The next piece of news is the employment report which comes out tomorrow before the open. Right now recent action is improving the picture. There will be no update tomorrow. Jerry