Jerry Samet
08-21-2025, 06:15 PM
The market had a moderately negative session today ahead of Powell’s speech. The major averages opened lower and traded in negative territory all day. The major averages closed in the middle to lower half of their trading ranges, depending on the index. The COMPQ and the NDX fell .34% and .46% respectively. The SPX lost .40%. Volume was lower across the board, so there was no new distribution today. Leading stocks had a moderately positive session today. The leaders index rose .47% on the day. The index closed in about the middle of its trading range on lower and below average volume. The market had an overall negative session as it waited for Powell’s speech tomorrow. The overall picture got a little darker today as the pullback continued. The fact that leading stocks acted pretty well today is good, but they have taken big hits recently and that is never good. If Powell gives a dovish speech and hints at more rate cuts the market will likely rally. Even if that happens, the weight of the evidence still points to a pullback of some level in the short term. Jerry