Leaders Index 5-3-22

The market put in a relatively trendless session with the major averages finishing with small gains. The major averages closed just above the middle of their intraday trading ranges. The COMPQ and the NDX were higher by .22% and .11% respectively. The SPX rallied .48%. Volume was lower across the board. It fell 6.67% on the Nasd and 11.48% on the New York. Leading stocks were stronger than the overall market with the leaders index gaining 2.04% on the day. The index closed high in its trading range on higher and just below average volume. The index also regained its 50dma. The market traded back and forth today ahead of the Fed announcement tomorrow. The market finished with small gains but the lower volume showed that many market participants were on the sidelines today. The market is trying to build on yesterday’s reversal , but today’s action lacked much punch. We will have to see if there are any surprises in the Fed report tomorrow, but the primary direction of the market remains down. Jerry