Leaders Index 5-23-16

It was overall a pretty quiet session today. After an early attempt at a rally the major averages then faded and ended the day at their intraday lows. The declines were small with the COMPQ losing .08% and the SPX off .21%. There was selling at the close, indicating little support. Volume was lower across the board, showing that large institutional players were not heavy sellers. Leading stocks were lower as well with the leaders index falling .18% on lower and well below average volume. The index continues to act weak and it tagged it’s declining 9dma at it’s highs, but it remains below all short and intermediate term moving averages. Today’s action did little to resolve the overall picture. It was a weak session and all the major averages remain below their 50dma’s. I continue to think the current sideways action will be resolved to the downside. Jerry