Leaders Index 6-20-23

[Jerry Samet]

The market sold off moderately today. The major averages opened lower and after some further selling rallied and recovered much of the early losses. All the major averages finished high in their intraday trading ranges. The Nasd averages were the strongest with the COMPQ and the NDX falling .16% and .09% respectively. The SPX lost .47%. Volume was lower across the board, which is to be expected after an expiration day. Leading stocks were moderately lower with the leaders index off by .14% on the session. The index closed in about the middle of its trading range on lower and about average volume. The index closed right on its 17dma support level. The market staged a fairly orderly decline or consolidation day today. After the strong recent advance the major averages were extended from their important moving averages. At this point a consolidation or a pullback is to be expected. A couple of the short term indicators I look at, like the A’s minus E’s are flashing warning signs. This is short term however and an orderly consolidation or mild pullback here would be constructive for the longer term. After some short term weakness here the market is likely to move higher. Jerry