Leaders Index 9-7-23

The market put in another negative session today. The major averages opened lower and spent most of the remainder of the session working their way higher, but still closed with losses. The Nasd stocks were hit the hardest with the COMPQ and the NDX falling .89% and .73% respectively. The SPX lost .32%. All the major averages closed high in their intraday trading ranges, with the losses coming mostly from the opening gaps. Volume was higher across the board, producing distribution on all the major averages. Leading stocks were stronger than the overall market with the leaders index gaining .56% on the day. The index closed high in its trading range on higher but below average volume. Leading stocks are acting pretty well with the leaders index bouncing off its short term 9dma and its relative strength line making a new high. The market sold off again today on higher volume. This produced another distribution day. The NDX joined the other averages under its 50dma today, so all the important averages are below this moving average. AAPL pulled down the Nasd as its phones were restricted in China. The market continued to act like it is struggling to keep important support. It is looking more and more likely that this rally will end in a fairly quick failure. It must go below the low of the follow through day last Tuesday to make it official, but I would say that at this point the odds favor it getting there. Jerry