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View Full Version : Leaders Index 4-28-15



Jerry Samet
04-28-2015, 11:43 PM
It was another mixed session today. After selling off early the major averages recovered and then diverged. The New York averages showed more strength than the Nasd averages. The SPX finished with a gain of .28% while the COMPQ was lower by .10%. All the major averages closed at or near their intraday highs, a sign of support. Volume was mixed according to IBD, lower on the Nasd and higher on the New York. Esignal had volume slightly lower on the New York. The major averages are also holding their short term moving averages. The picture was different for leading stocks. There were more break downs today as the leaders index fell 1.03% on massive volume. The index traded below it’s important 17dma, but rallied back to finish the session above this support level. The fact that the index recovered most of it’s early losses shows support, but the two big red candles on huge volume is not good. The fact that so many leading stocks are breaking down is a big red flag. In a healthy rally you would not see this type of action. This is reason enough for a good deal of caution. Tomorrow’s announcement of the results of the Fed meeting will set the tone for trading on the session. I will be away for a few days. The updates will resume next week. Jerry