Leaders Index 3-1-22

The market sold off today after three up days. The major averages opened lower and it was mostly downhill from there. All the major averages finished near the bottom of their intraday trading ranges. The losses were pretty evenly divided with the COMPQ and the NDX falling 1.58% and 1.63% respectively. The SPX declined 1.55%. Volume was higher across the board. It rose 11.36% on the Nasd and 6.13% on the New York. This shows that large institutional players were selling stocks today. Leading stocks were hit as well. The leaders index fell 2.72% on the day. The index closed low in its trading range on lower and below average volume. The market sold off after three days of positive action. The decline was pretty large and it was on higher volume. The current rally attempt looks pretty weak and today didn’t help. The market hasn’t taken out the low of the rally day so the rally attempt is still in force, but it doesn’t look too strong. The important moving averages I talked about yesterday are still the overhead resistance for the major averages and their ability or inability to break above them will tell us which way the market will go. Jerry