Leaders Index 3-20-17

There was another pretty uneventful day today. After opening slightly lower the major averages traded near unchanged the entire session. The Nasd averages were a bit stronger with the COMPQ higher by only .01% while the SPX was off by .20%. All the major averages closed in the lower half of their intraday trading ranges, a sign of little buying pressure. Volume was lower across the board, as you would expect after an expiration day, but is was also below average on both exchanges. This shows that large institutional players were not active today. Leading stocks were slightly lower on the day as the leaders index fell .42% on lower and below average volume. The index closed in the upper half of its trading range and stayed above its short term 9dma. We continue in a consolidation on both the major averages and the leaders index. The leaders index has a slight upward bias to it but it hasn’t moved decisively into new high ground. The major averages are still going sideways . There are a lot of mixed signals right now. The A’s minus E’s turned up today in a positive signal. At the same time the weekly Coppock has turned down slightly so far this week. There won’t be a real signal until the end of the week so this indicator could still avoid a signal. We are going sideways right now and must wait for the market to tell us which way it is going. Jerry