There was no update yesterday due to computer problems. There was a solid rally yesterday and it looked like the major averages would make a run for their 50dma’s. The major averages opened higher but quickly lost the gains and sold off. After bouncing higher and lower the major averages finished with small gains. The New York averages closed in the upper half of their intraday trading ranges while the Nasd averages ended the session in the lower half of their trading ranges. The COMPQ and the NDX gained .10% and .32% respectively. The SPX was about flat, gaining .02%. Volume was lower across the board. Leading stocks were generally lower with the leaders index falling by .53% on the day. The index closed in about the middle of its trading range on higher but below average volume. The market had a good day yesterday and after TSLA had a well-received earnings report the market opened higher today. The gains didn’t last and the market sold off and bounced around unchanged the rest of the day, awaiting earnings from META. The earnings came in after the close and they were not well received, at least at the time of this writing. The futures are lower as a result. We had two solid up days and it looked like it would be three, but the market didn’t hold up. The 50dma’s of the major averages is a likely target if the rally attempt continues, it would also provide considerable resistance. The first estimate of Q1 GDP comes out before the open tomorrow and there are two more important tech companies reporting after the close. There is a lot of noise right now and many news items that could affect the market, but if this is going to turn out to be anything other than a bounce in a larger decline, it has a long way to go. Jerry
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