Leaders Index 5-30-17

The market did pretty much nothing today, with the major averages finishing little changed on the session. The COMPQ was off by .11% while the SPX lost .12%. They both closed either in the middle or low in their intraday trading ranges. Volume was higher than Friday, but it was below average and compared to pre holiday volume on Friday. In any case the declines in the major averages were too small to qualify as distribution. Leading stocks were generally listless as well with the leaders index lower by .19%. The index closed in the upper half of its trading range and tagged the 9dma, but held nicely above this short term moving average. Volume was higher than Friday, but still below average. The decline in the index was also too small to be considered distribution. The action of leading stocks was mixed today, but the leaders index has been consolidating in an orderly fashion above all its short term moving averages. The leadership continues to be pretty narrow and concentrated in the big cap tech stocks. This is shown by the fact that the SOX and the NDX were the only secondary averages to be positive today. There are clearly signs of a mature market with the concentration in a small number of stocks being the most striking. These things can go on for longer than you would expect and the trend in at least the short term is up. Jerry