Leaders Index 7-6-22

The market put in a mixed session today before finishing with moderate gains. The major averages opened with small gains and bounced around both sides of unchanged most of the day. All the major averages closed in the upper half of their intraday trading ranges. The COMPQ and the NDX gained .35% and .62% respectively. The SPX rallied .36%. Volume was lower across the board. It fell 2.72% on the Nasd and 10.09% on the New York. Leading stocks were mixed with the leaders index declining 2.19% on the day. Most of this decline was due to the energy stock components of the index. The heavy weighting in energy stocks is becoming an issue for the index. The index closed high in its trading range on higher volume. The action today was pretty inconclusive. After bouncing around unchanged the major averages closed with modest gains. The rally attempt continues, but it is struggling to say the least. The next real objective of this rally attempt is the declining 50dma’s of the major averages. They are about 3% below this resistance level. If they can’t break through it the market will fail pretty quickly and the downside action will resume. Jerry