Leaders Index 6-28-24

After a good open following a friendly PCE report the market staged a reversal and lost all the gains and went into a decline. The major averages opened solidly higher but quickly topped out and started selling off into the close. All the major averages finished near their intraday trading lows. The NASD averages were the weakest with the COMPQ and the NDX falling .71% and .54% respectively. The SPX fell .41%. Volume was higher across the board so there was a new distribution day on all the major averages. Leading stocks were lower as well with the leaders index declining .20% on the day. The index closed low in its trading range on higher but below average volume. The market had a nice rally going early after the PCE report came in below expectations. It didn’t last as selling came in and the market reversed lower. Volume was higher, partly because of the Russel rebalancing, but it still counts. The action yesterday was disappointing. The market is struggling to move to higher ground but is having trouble. It is in a consolidation right now and it looked like it might break above it yesterday before the selling came in. We are in a rally but it is not a strong rally. The market looks like it is trying to rally but is having a bit of a hard time. The first half is now over and it was generally a good one, if you were in the right stocks and sectors. Next week is a short one but has the important employment report coming out on Friday. Jerry