Leaders Index 6-14-23

The market had a volatile session before and after the Fed announcement. There were early gains that were lost when the announcement was more hawkish than expected. The major averages sold off before recovering most of the decline before the close. The major averages closed with moderate gains, as the Nasd averages led the way again. The COMPQ and the NDX were higher by .39% and .70% respectively. The SPX gained .08%. Volume was higher and all the major averages finished high in their intraday trading ranges. Leading stocks were a bit higher with the leaders index gaining .17% on the day. The index closed in about the middle if its trading range on higher and above average volume. The market has been acting well in recent action. Yesterday’s CPI report was well received and after a lot of volatility after the Fed announcement the market did pretty well. The Fed announcement indicated more interest rate hikes than the market expected and it sold off pretty hard. The losses were recovered before the close and the market finished pretty strong. The leaders index is rising above its short term 9dma. As long as this lasts it will be encouraging for the rally. It looks like the market wants to go higher in the short term, but it looks a little extended right now. A rest, particularly in the Nasd averages would not be a surprise. Jerry