Leaders Index 7-19-23

[Jerry Samet]

The market held its ground today, and finished slightly higher. The major averages opened higher and mostly worked their way down most of the day. All the major averages closed low in their intraday trading ranges. In a reverse of yesterday the New York averages were the strongest today. The SPX was higher by .24% while the Nasd averages were mixed and little changes. The COMPQ was up by .03% and the NDX was off by .09%. Volume was slightly higher across the board. There was no distribution due to the small declines, but there was a little smell of stalling. I am not sure at this point if today met the requirements. Leading stocks sold off after recent strength. The leaders index declined 2.29% on the day. The index closed low in its trading range on very light volume. The market mostly took a rest after rallying in the last week or so. It looked like pretty orderly. The major averages held their recent gains and while the volume was higher it was not particularly heavy. Leading stocks sold off a bit but they have been strong recently. The leaders index held well above all its important support levels. The charts of both the major averages and the leaders index are good. I think there could be a little consolidation here to let the moving averages of the major averages to catch up, but right now there are no signs that the rally is in trouble. I will be doing a presentation on creating a leaders index and a basket of stocks on the Molly group. Leveraged ETFs will also be discussed. There is a link at the bottom. There will be no updates tomorrow or Friday. They will resume on Monday. Jerry
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