Leaders Index 9-29-22

The market gave back virtually all of yesterday’s rally in a very negative session. The major averages opened lower and it was mostly downhill from there. A little late buying saw the major averages to close off their lows but all finished low in their intraday trading ranges. There were serious losses as the COMPQ and the NDX fell 2.84% and 2.86% respectively. The SPX lost 2.11%. Volume was mixed. It gained 2.3% on the New York and fell only .56% on the Nasd. Leading stocks held up better than the overall market with the leaders index falling .98% on the day. The index closed high in its trading range on lower and below average volume. The market gave back everything it gained in yesterday’s rally in a quick reversal. All the major averages except the COMPQ are have taken out their June lows and the COMPQ is just above its low. The thing to watch now is the COMPQ. It has fallen the most and is down over 30% from its highs. The New York averages are down less. If the Nasd averages go down much further they could well hit the 40% down level that I use to qualify as a bone cruncher. Hopefully that will not happen, but I’m not putting any money on it. Jerry