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View Full Version : Leaders Index 4-20-18



Jerry Samet
04-21-2018, 12:03 PM
The market put in a negative session yesterday. The major averages opened lower and sold off for the rest of the session. The COMPQ led the way lower with a decline of 1.27% while the SPX lost .85%. Big cap techs were weak with the NDX falling 1.58%. Volume was mixed on the day, higher on the New York and slightly lower on the Nasd. This was enough to produce a fresh distribution day on the New York averages. Leading stocks were lower as well with the leaders index declining .70% on the day, less than the overall market. The index closed low in its trading range, but off the lows of the day. The index held its short term 9dma support level, which is encouraging. Volume was lower than Thursday and well below average, showing that there was less selling pressure in quality growth stocks than the overall market. The action of the market yesterday was not encouraging. After breaking below the important 50dma last month it rallied back above it in a new rally attempt after a follow through. The fact that all the major averages could not hold this critical support level is very negative. Leading stocks are doing much better as the leaders index is still holding its short term 9dma support level and its chart looks good. The fact that the major averages couldn’t hold their 50 day moving averages is very negative. It is earnings season so some good reports could generate some positive action, but there are some red flags out there right now. Jerry