Leaders Index 6-22-23

The market rebounded somewhat today after a few days of selling. The major averages opened lower but the lows of the day were put in early. The major averages mostly worked their way higher the rest of the day. All the major averages finished high in their intraday trading ranges. The Nasd averages led the bounce with the COMPQ and the NDX gaining .95% and 1.18% respectively. The SPX rallied .37%. Volume was lower across the board, showing light selling pressure on the day. Leading stocks were higher as well with the leaders index gaining 1.06% on the day. The index closed low in its trading range on lower and below average volume. The major averages rallied today with the Nasd averages leading the way. The gains were nice, but it looked more like a bounce after recent selling rather than the start of a new move. Market internals were weak and there wasn’t a lot of buying interest, as shown by the lower volume. The market may bounce a little more, but I think there is more to go in this pullback. Jerry