Leaders Index 5-20-22

The market had an overall negative session yesterday, but late buying came in and erased most of the losses. All the major averages finished in the upper half of their intraday trading ranges due to the late strength. The SPX finished flat with a gain of only .01%. The Nasd averages closed with moderate losses. The COMPQ and the NDX lost .30% and .34% respectively. Volume was mixed. It gained 2.56% on the Nasd and declined 1.36% on the New York, despite yesterday being an expiration day. This, combined with the losses on the Nasd averages was enough to produce a distribution day on the Nasd averages. Leading stocks were mostly lower on the day with the leaders index falling .82% and closing in about the middle of its trading range. Volume was higher and slightly above average. The negative action continued yesterday, but late buying erased what would have been more significant losses. The SPX hit official bear market territory intraday before the late buying came in. The COMPQ hit the 30% down level during the day. There are also now three distribution days in a row in the first three days since the follow through on Tuesday. The lows yesterday took all the major averages below the lows of the rally day, officially ending the rally attempt after the follow through. The overall picture is still very negative and I suspect we are not yet close to the bottom of this bear market. Jerry