Leaders Index 4-26-22

The market really got pasted today. All of yesterday’s gains were lost and then some. The major averages opened lower and it was all downhill from there. The declines were significant with the COMPQ and the NDX fell 3.95% and 3.87% respectively as large tech stocks were hard hit. The SPX lost 2.81%. All the major averages finished at their intraday trading lows. Volume was mixed. It was higher by 4.81% on the Nasd and lower by 12.31% on the New York. Leading stocks were hit as well with the leaders index falling by 1.90% on the day. The index closed low in its trading range on lower and below average volume. The index closed below its important 50dma support level. The action of the market was very negative today. The selling was continued during the session and the volume was higher on the Nasd. The price declines were very large and significant damage was done today. The Nasd averages broke below their mid-March lows and there is a good deal of room for further declines. The New York averages held their early March lows, but not by much. I don’t think they will hold this important support either. The earnings reports have begun in earnest and will continue the rest of the week and beyond. The action of the market is pretty bad right now, and the next down leg of the bear market looks like it is underway. Jerry