Leaders Index 10-9

The market got hit hard today with the major averages getting hit between 1% and 1.5% on the session. They were down all day and closed at the lows of the day. Volume was higher across the board and produced distribution everywhere. Leading stocks were hit even harder with the leaders index dropping 2.25% on higher volume. It also closed at the lows of the day and broke back below it's 9 and 17dma's. This is a big negative as it could not hold it's recent move back above this level. Both the COMPQ and the NDX closed below their 50dma's and distribution days are now at dangerous levels. The weekly Coppock gave an early warning in the last two weeks and baring a big rally before the end of the week will give a clear sell signal this week. The evidence is mounting that we have seen the highs of this rally.