Leaders Index 3-19-20

The market had a relatively quiet session today, at least by recent standards. The major averages opened lower but quickly found some support and mostly rallied from there. The gains paled beside recent losses, but it was at least a nice respite. The Nasd averages were the strongest with the COMPQ and the NDX gaining 2.30% and 1.55% respectively. The SPX was higher by .47%. Modest gains. All the major averages finished in the upper half of their intraday trading ranges, a good sign. Volume was slightly lower across the board. It declined 3.77% on the Nasd and 9.94% on the New York. This is again lower volume on a rebound. Leading stocks were higher as well with the leaders index gaining 5.87% on the session. The index closed high in its trading range on lower but still above average volume. The market pretty much held its ground today after jarring losses. The gains were modest but welcome. At some point there will be a modest rally in this bear market and it could come at any time. Most rally attempts in bear markets fail so they should be treated with caution. Most follow through days in a bear market are simply an opportunity to lose money. The three confirming indicators were developed to help with this issue. Right now the sidelines remains the place to be. Jerry