Jerry Samet
04-08-2026, 06:13 PM
The market staged a strong rally today after news of a ceasefire in Iran. The major averages gapped higher at the open and mostly traded sideways from there. The New York averages finished high in their intraday trading ranges and the NASD averages closed in the lower half of theirs. The COMPQ and the NDX gained 2.80% and 2.90% respectively. The SPX rallied 2.51%. Volume was mixed, higher on the New York and lower on the NASD, although NASD volume was unusually high yesterday. Leading stocks showed strong gains. The leaders index broke into new high ground on higher and above average volume. This was a gain of 7.125 and represents a new high for the leaders index on both a price and a relative strength basis.. The market rallied strongly today after a two week ceasefire was announced. The major averages showed large gains and mostly held the gains, much of which were in the opening gap. Volume was higher on the New York, and while it was lower on the NASD it was compared to very strong volume yesterday and was well above average. This produced a follow through on the SPX. We face the dilemma that this could be caused by the news, but now there is a follow through so we should look at the confirming indicators. The weekly Coppock will turn up if it closes the week here. It would be next week before it signals due to a small price change this week, but that would be good confirmation There is no Eureka today, but it could come in the next few days. I don’t have today’s data on the %Es, but they were right on the line yesterday. I am really looking for a signal in the weekly Coppock, which is most important. All the major averages cleared both their 50 and 200dma’s today in strong action. Leading stocks also had a strong rally today. The action today was encouraging and it could signal a tradable rally, but in this environment that could be blown up by news. Taking some positions is ok as a test, but a clear signal from the weekly Coppock would help a lot. Jerry