Leaders Index 7-19-16

The market continued it’s consolidation of the last few days today by trading in a pretty tight range and closing little changed. After opening lower the major averages traded in negative territory all day until a little late strength, particularly in the New York averages, saw them close off their lows. The DOW made it into positive territory but the rest finished lower. The COMPQ closed with a decline of .38% while the SPX fell .14%. The New York averages closed high in their intraday trading ranges while the Nasd averages closed low. The volume on the Nasd was higher than yesterday while volume on the New york was very slightly lower. This produced a distribution day on the Nasd averages. Leading stocks continued to act well with the leaders index about flat on the session, posting a .06% increase. Volume was slightly higher but still well below average. The index is acting well as it is moving a bit into new high ground and is rising nicely above it’s 9dma. The major averages have been consolidating recent gains for the last few days following similar action by the leaders index. It now looks like the leaders index is attempting to began rising again ahead of the major averages, like it did a couple of weeks ago. This is usually a positive sign. It appears that the market wants to continue higher in at least the short term. Jerry