Leaders Index 1-23-17

The market was mostly lower today, although the major averages were in slightly positive territory early on. There were some decent losses after that and it looked like there might be a meaningful decline. The major averages bottomed out about two and a half hours into trading and staged a rally into the close. They fell short of positive territory but regained most of the decline. The COMPQ finished with a loss of .04% and the SPX declined .27%. They both closed near the top of their intraday trading ranges, a sign of support. The big cap stocks led the way as the NDX closed in slightly positive territory. Volume was lower across the board ,showing that here was not a lot of selling pressure today. It is also expected to be lower after an expiration day. Leading stocks underperformed the overall market with the leaders index declining 1.53% on lower and well below average volume. The index closed in the lower half of its trading range. It held above the important 17dma, but fell below the 9dma. The index has been trying to rally, but is struggling to get a head of steam going. The strength we saw after the election seems to be running out. The New York averages have been in a consolidation range since mid-December and are having trouble making any more progress. The Nasd averages have done the best lately and are above all their short term moving averages. The market seems to have lost some of its strength lately and if the rally is to continue it will have to move higher with some conviction soon. Jerry