Leaders Index 4-30-20

[Jerry Samet]

The market sold off today in a pretty controlled fashion. The major averages were lower at the open and down most of the session. The Nasd averages tried to gain ground but only the NDX finished higher. All the major averages closed in the upper half of their intraday trading ranges, a sign of support. The Nasd averages were the strongest due to strength in large cap tech stocks. The COMPQ was off by .28% while the NDX was higher by .20%. The SPX declined .92%. Volume was lower across the board, declining 3.98% on the Nasd and 8.37% on the New York. This showed that large institutional players were not heavy sellers today. Leading stocks were lower as well with the leaders index declining .77% on the session. The index closed in the lower half of its trading range on slightly higher volume. This showed some distribution in quality growth stocks. The market sold off today, but the damage was minimal. The Nasd averages did fairly well thanks to gains in big cap tech stocks, although the futures as of this writing are selling off. The fact that the major averages closed in the upper half of their trading ranges and volume was lower across the board shows that there was not a lot of selling pressure. The rally still appears to be on solid ground. Jerry