The market continued its weak action today. After opening higher the major averages topped out in five minutes and then sold off. A rally attempt during the day failed and all the major averages finished low in their intraday trading ranges. The Nasd averages took the worst of it with the COMPQ and the NDX falling .74% and .72% respectively. The SPX lost .41%. Volume was higher across the board. It gained 9.85% on the New York and 8.75% on the Nasd. Leading stocks were mixed with the leaders index up slightly by .18%. The index closed in about the middle of its trading range on higher and slightly above average volume. The market lost ground again today with the major averages making new lows for the decline. Early strength was lost as interest rates spiked higher and it looks like the Fed will continue with larger rate increases. It isn’t too far until we get to the June lows. This is the real support on the charts and if it does not hold there is little support for quite a ways. This is the real test area to watch, but the way things are going a I think the odds do not favor it holding. Jerry
Reply With Quote