Leaders Index 5-31-17

The market bounced around mostly in negative territory. It looked like there could be a meaningful decline today before late strength saw the major averages close with only very small losses. The COMPQ ended with a decline of .08% while the SPX lost .05%. The late buying caused all the major averages to close high in their intraday trading ranges. The Nasd averages finished in the upper half while the New York averages closed near the top of their trading ranges. Volume was very interesting. It was much higher and well above average on both exchanges. Leading stocks had a mixed session, with many top performers showing losses. They did however close well off their lows. The leaders index finished with a loss of .44%. The index came down and tagged its 17dma at its lows. It closed high in its trading range and above all its short term moving averages. The index continued to trade in a fairly constructive consolidation pattern. The relative strength line is acting in pretty much the same manor. There was some sloppy action today, particularly in many quality growth stocks, but overall it was not a negative day. Both the major averages and the leaders index closed high in their trading ranges. This shows that there is some support under the market. There was buying as prices fell. There was little if any real damage done today and the trend still appears to be up. Jerry