Leaders Index 4-18-22

After Thursday’s weakness the market tried to rally early but couldn’t hold on. The major averages bounced around from positive to negative territory before closing with small losses. All the major averages finished in about the middle of their intraday trading ranges. The Nasd averages were mixed with the COMPQ lower by .14% and the NDX higher by .13%. The SPX declined only .02%. Volume was lower across the board. It fell 5.40% on the Nasd and 3.39% on the New York. Leading stocks continued to outperform with the leaders index gaining .87% on the day. The index closed in about the middle of its trading range on lower and below average volume. The market just bounced around today before closing with small losses. The major averages traded below the lows of the last few trading days. There remains littler to really like about this rally as it has gone nowhere and produced few winning stocks. I think the most likely course from here is a move down to the recent lows of 2/24 and 3/14. If it breaks below these levels it will likely produce the next down leg of this bear market. Jerry