Leaders Index 4-11-17

The market was mostly lower during trading today and closed with small losses. The COMPQ was lower by .24% while the SPX was off by .14%. All the major averages finished at or very near their intraday trading highs, a good sign. Volume was higher across the board but still below average on both exchanges. That was enough for a new distribution day on the Nasd averages. Leading stocks were slightly higher on the session with the leaders index gaining .19% on higher and slightly below average volume. The index closed in the upper half of its trading range, but after tagging its short term 9dma and 17dma it was again unable to overcome this resistance. The market overall appears to be struggling right now. The leaders index is stuck in a trading range and can’t break above its short term moving averages. The New York averages are toying with their 50dma’s and the COMPQ bounced off its 50dma. The semiconductor stocks were particularly weak today and the SOX broke below its 50dma for the first time since the election. The financials and then the semiconductor stocks have been the two leading sectors since the rally began last November. The financials stumbled a bit a while ago and if the semiconductor stocks roll over it will be a big negative. When stocks and groups that have been the market leaders start to roll over the risk levels increase. Jerry