Leaders Index 5-1-24

It was a volatile session today, not unusual on a Fed announcement day. The market opened a bit lower and traded mostly in negative territory until the press conference. The market rallied and then sold off to close in the red. The COMPQ and the NDX fell .31% and .70% respectively. The SPX lost .34%. All the major averages finished near the bottom of their intraday trading ranges. Volume was higher across the board. This produced new distribution on all the major averages. Leading stocks were higher with the leaders index gaining .99% on the day. The index closed in about the middle of its trading range on higher and above average volume. The market traded in slightly negative territory as it awaited the Fed announcement. After the press conference started the market rallied to solid gains and it looked like there would be a follow through. Selling came in during the last half hour or so and all the gains were lost. The major averages finished weak with moderate losses. This was also distribution on all the major averages. It is starting to look like the 50dma’s of the major averages are going to provide resistance that will not be overcome. There are important earnings announcements coming out tomorrow and the employment report on Friday, so the market could go either way on the news, but right now it doesn’t look like the market is going to make much positive headway. Jerry