Jerry Samet
06-24-2015, 11:33 PM
The market was up slightly early then sold off after word that the Greek bailout was in trouble. The major averages spent the rest of the session selling off and all closed at their intraday lows. The SPX declined .74% while the COMPQ declined .73%. Mid and small caps were hit harder with the MID down .98% while the RUT was off by .92%. The SPX finished right on it’s 50dma. It will be very negative if it breaks back below this important moving average. Volume was higher on the New York, which added another distribution day for the New York averages. Volume on the Nasd was close. IBD had it slightly lower so no distribution on the Nasd, but esignal had it slightly higher. Leading stocks were again hit harder than the overall market with the leaders index declining 1.11% and closing in the lower half of it’s intraday trading range. The index closed below it’s 17dma for the first time in over two months. This is a negative sign for leading growth stocks. The 17dma is critical support for leading stocks and the index must get back above this support level with some conviction. The leaders index is looking a bit sloppy for the first time in a while. If it doesn’t improve soon the risk of a meaningful selloff will increase. Jerry