Leaders Index 3-5-19

The market put in a quiet session today without much movement in either direction. The major averages opened lower and generally had a positive bias for most of the rest of the day. The Nasd averages finished just above the midpoint of their intraday trading ranges while the New York averages closed just below the midpoint of their trading ranges. The COMPQ and the SPX were lower by .02% and .11% respectively. The NDX was higher by .08%. Volume was lower across the board, just what you want to see when the market is consolidating or declining. Leading stocks followed the same general pattern. The leaders index was higher by only .10%. After trading below its 17dma at its lows the index finished in the upper half of its trading range and above this important support level and slightly above the short term 9dma. Volume was lower and just above average. The market took a rest again today as it looks like there will be at least a consolidation of the recent rally. So far the charts of the major averages look solid as they are still above their short term 10dma’s. The chart of the leaders index has a pretty ugly red candle but it is still holding up pretty well. The Summation Index and the A’s minus E’s have turned down so some caution is warranted, but so far the evidence points more to a pause in the rally rather than its end. Jerry