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View Full Version : Leaders Index 3-24-21



Jerry Samet
03-24-2021, 06:27 PM
The market really got pasted again today. Early on there was some strength in most of the major and secondary averages, other than the Nasd averages. Selling came in later in the day and continued into the close. All the early gains were lost and all the important averages finished at their intraday trading lows, a sign of weakness. The Nasd averages were the weakest with the COMPQ and the NDX losing 2.01% and 1.68% respectively. The SPX declined .55%. The small and mid-cap stocks, along with the semiconductors also lost ground. Volume was higher across the board. It gained 12.45% on the Nasd and 4.40% on the New York. This shows that large institutional players were selling stocks today and it produced a new distribution day on the major averages. Leading stocks were hit hard as well with the leaders index falling 4.83% on the day. The index closed near the bottom of its trading ranges on much higher and above average volume. This shows that there was heavy selling in leading stocks. The market action today was pretty bad. Most of the major and secondary averages has real gains early but reversed lower as selling came in later in the session. This is a bearish pattern that continued for a second day. The Nasd averages moved further below their 50dma’s, along with the small caps. The big red candles on the charts are also rarely a good sign. Both the major averages and leading stocks are breaking down and the volume today was an unmistakable sign of institutional selling. The distribution count is now really high. You never know for sure and the market has looked like it was going to go in a certain direction recently only to reverse the other way. This could happen again, but it sure looks like the market is rolling over now. Jerry