Leaders Index 8-18-22

The market had a quiet session today but with a positive bias. The major averages opened a bit lower and bounced around most of the day. Late strength saw all the major averages finish high in their intraday trading ranges. The gains were modest and pretty evenly divided. The COMPQ and the NDX were higher by .21% and .26% respectively. The SPX gained .23%. The greatest strength was in the small and mid-cap stocks, along with the semiconductors. Volume was lower across the board. It fell 9.64% on the Nasd and 15.41% on the New York. Leading stocks outperformed the overall market with the leaders index gaining 1.31% on the day. The index closed in the upper half of its trading range on higher but below average volume. This is a new high for the leaders index on both a price and a relative strength basis. The market showed some solid action today and it seems to be consolidating recent gains below the 200dma’s of the major averages. The action right now seems constructive as the major averages are holding up and while there are not a great number of attractive stocks there are some. The action today showed that the market seems to have a bit of a bid under it, but those 200dma’s are looming. We should know soon if the market can overcome this resistance. There will be no update tomorrow. Jerry