Leaders Index 3-22

The market opened lower today and was down all day. There wasn't much of a recovery and the New York averages closed near the lows of the day while the stronger Nasd closed in the upper half of it's range. Volume was mixed, lower on the Nasd and slightly higher on the New York exchange. This produced distribution days on the NYA and SPX. The distribution days are piling up on the New York averages but remain modest on the Nasd. The SPX is now below it's 10dma and the NYA is below the 21dma. The Nasd remains above these important support levels. Leading stocks continued to outperform as the leaders index increased slightly on higher and well above average volume and set new highs on both a price and RS basis. With distribution increasing and some of the major averages looking sloppy the level of concern must increase, but leading stocks are acting well which is the most important thing. Jerry