It was a bit of a mixed market today. The INDU was higher due to some good earnings reports of its components. The Nasd declined as META was crushed. All the major averages finished near their intraday trading lows. The COMPQ and the NDX fell 1.63% and 1.88% respectively. The SPX declined .61%. Volume was lower across the board, so there was no additional distribution today. Leading stocks outperformed the overall market with the leaders index gaining .25% on the day. The index closed in the lower half of its trading range on lower but above average volume. The market could have been worse today considering META’s decline. The INDU was a bit higher as a few of its industrial components had good earnings reports. The small and mid-cap stocks were about flat, but the most important averages were lower. It looks like the COMPQ and the SPX are being turned back at the important 50dma. After the close today AAPL reported pretty good numbers and the stock is slightly higher in after hours trading. AMZN had a disappointing report and the stock is being hit pretty hard after hours. Futures are lower as of this writing. This rally is clearly struggling and while there have been some interesting breakouts few are producing worthwhile gains. It looks like the 50dma is a ceiling for the major averages right now and if they can’t break above it the rally will fail. There will be no update tomorrow. Jerry
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