Leaders Index 9-5-23

The market was mostly lower today, but the declines were moderate, except in small and mid-cap stocks. The major averages were mixed on the day. The Nasd averages opened lower but rallied and closed high in their intraday trading ranges. The New York averages opened little changed and were mostly lower all day, finishing low in their intraday trading ranges. The COMPQ was off by only .08% while the NDX gained .11%. The SPX declined .42%. Volume was higher across the board, producing a distribution day on the New York averages. Leading stocks were mixed with the leaders index losing .77% on the session while some ETFs of leading growth stocks were higher. The index closed in the lower half of its trading range on lower and well below average volume. The rally is still acting fairly well, but there are some issues. Energy prices and interest rates hurt the market today. There was stalling action on Thursday, marking distribution in the second day after a follow through. This is not good. We got more distribution today at least on the New York averages. The rally is still acting ok, but there are warning signs. The new leaders index looks fine and is well above its short term moving average support. It’s ok to be in, but the real extent of this rally is still unknown. Jerry