The market put in another weak showing today. The major averages opened little changed and after bouncing around closed about little changed. All the major averages finished in about the middle of their intraday trading ranges. The COMPQ and the NDX fell .13% and .04% respectively. The SPX declined .10%. Volume was lower across the board. It fell 10.01% on the New York and 4.37% on the Nasd. Leading stocks were slightly higher on the session with the leaders index gaining .42%. The index closed high in its trading range and closed right on its 17dma. Volume was lower and below average. After a big decline you want to check the quality of the bounce to try and determine if the worst is over or not. Today the market couldn’t stage any bounce at all. The major averages seemed like they were trying to move higher early but it didn’t hold and they sold off again. They at least closed off their lows and leading growth stocks outperformed for a change, but leaders are breaking down. The latest is TSLA that lost its 50dma today. The market is acting weak and even the big cap tech stocks that have been the engines of the market advance for years now are looking sickly. The weight of the evidence points to lower prices ahead. Jerry
Reply With Quote