Leaders Index 4-20-20

The market sold off today after strong action last week. The major averages opened lower and then rallied back and the Nasd averages even made it into positive territory. Selling came in later and all the major averages sold off into the close. They all finished at their intraday trading lows as selling continued into the close. The Nasd averages held up the best as there is light weighting in energy issues in the Nasd averages. The COMPQ and the NDX were off by 1.02% and 1.20% respectively. The SPX declined 1.79%. Volume was lower across the board, mainly due to the fact that Friday was an expiration day. Volume declined 12.74% on the Nasd and 8.08% on the New York. This allowed the major averages to avoid a distribution day. Leading stocks were mixed but overall performed better than the overall market. The leaders index was higher by 1.16% on the day and made a new high. The index closed low in its trading range on lower and well below average volume. The market was mostly lower all day but sold off into the close mostly on extraordinary price action in the oil market. The price declines today were historic. The market avoided distribution today so the count remains zero, which is good. The market action today was actually looking like it was not too bad until the late action in the oil market caused selling to come in. As of now the weekly Coppock has not turned up, but it is only Monday so there are four more days in the week to see if that changes. Overall the tone of the market remains somewhat positive and the charts of the major averages are generally still in good shape. The SPX lost its 50dma which it regained in Friday but the Nasd averages are holding support well. The short term trend of the market remains up and the rally is still in place. Jerry