Jerry Samet
09-02-2025, 06:11 PM
The market had a rough session today. The major averages opened with losses and they grew in early trading. The major averages found a bottom and rallied into the close. All the major averages finished high in their intraday trading ranges but with decent losses. The final declines were from the opening gap down. The COMPQ and the NDX fell .82% and .79% respectively. The SPX lost .69%. Volume was higher across the board. That is not unusual after a Friday before a three day weekend, but it still counts as distribution on the major averages. Leading stocks held up pretty well today. The leaders index fell .26% but closed high in its trading range. Volume was higher and just below average. The market had a tough session today. The major averages sold off at the open and traded in negative territory all day. Some late buying came in and a good portion of the losses were recovered by the close, but it was overall a negative session. The higher volume was to be expected after a Friday before a three day weekend in the summer. Despite this it still counts a new distribution day on all the major averages. The overall distribution count is now at pretty high levels. The major averages are also testing important moving averages. There are some really contradicting indicators out there right now. Some point higher while others are flashing warning signals. The rally is still ok, but some additional level of caution is also warranted. Jerry