Leaders Index 8-21-23

The market staged a bounce today after recent weakness. The major averages opened higher and after some selling managed to rally into the close. All the major averages finished near their intraday trading highs. The Nasd averages were the strongest as the big cap tech stocks were strong. The COMPQ and the NDX gained 1.56% and 1.65% respectively. The SPX rallied .69%. Volume was lower across the board. Leading stocks rallied as well with the leaders index gaining 1.98% on the day. The index closed high in its trading range on higher and above average volume. The market had a rally today after the recent selling. It was a solid day on a price basis, particularly on the Nasd averages. The lower volume showed that large institutional players were not in there buying today. This is negative. The Nasd averages are close to the 8% down from the high level that is an important line in the sand. We have a rally attempt in place as Friday counted as day one. There could be a follow through later this week, but I don’t think it would work out well. The weekly Coppock is not in a position to signal and won’t be for several weeks. NVDA is reporting earnings on Wednesday and Powell is speaking on Friday. Either could move the market. Today was a rally day , but it doesn’t change the overall picture, and that is that the market is in a correction. Jerry