Leaders Index 8-7-23

The market rallied today, but it wasn’t that strong a move. The major averages opened higher and after some selling turned back up and rallied into the close. All the major averages finished high in their intraday trading ranges. The New York averages were the strongest with the SPX gaining .90%. The COMPQ and the NDX rallied .61% and .87% respectively. Volume was disappointing as it was lower across the board. Leading stocks were higher as well with the leaders index gaining 1.06% on the day. The index closed in the upper half of its trading range on lower and below average volume. It also regained its short term moving averages. The market rallied today after some weakness last week. The price gains were ok, but volume was an issue. It was lower on both exchanges, showing that large institutional players were not in there buying much today. This is disappointing as it suggests that the corrective action is not over. So far there has been little damage in the recent action. The major averages are not far off their highs and are just below important short term moving averages. Leading stocks have been holding up pretty well, so far. The chart of the leaders index looks more like a consolidation than a sell off. The index is just below its high and is above all its short term moving averages. The correction or consolidation is nor over, but so far it has not been to bad. Jerry