Leaders Index 3-16-17

The market pretty much took a rest today after yesterday’s rally. The major averages were close to unchanged today with the COMPQ up by .01% and the SPX lower by .16%. The New York averages closed low in their intraday trading ranges and the Nasd averages finished in the upper half of their trading ranges. Volume was lower and below average across the board, showing that large institutional players were not heavily involved today. Leading stocks were largely unchanged as well with the leaders index higher by .05% and closing in the upper half of its trading range. The index is sitting right above its short term 9dma which is providing support right now. Volume was lower and below average, just like the major averages. You could say the market held onto yesterday’s gains well on lower volume or you could say the market failed to follow through on yesterday’s move. Both would be true. The major averages and the leaders index both seem to be consolidating fight now in a fairly orderly manner. There seems to be some accumulation under the surface as the A’s minus E’s are improving. In addition the Summation Index is close to turning up. At this point the evidence seems to point more to a consolidation in an ongoing rally , but that can change quickly. Jerry