Leaders Index 7-31-25

The only thing you can say about today’s action is that it was disappointing. The major averages opened strong, but selling came in quickly and lasted pretty much the rest of the day. All the major averages finished low in their intraday trading ranges. The COMPQ and the NDX fell .03% and .55% respectively. The SPX lost .37%. Volume was higher across the board. This produced a distribution day on the New York averages and likely a stalling day on the NASD averages. Leading stocks were mixed on the day. The leaders index fell .26% on the session. The index closed in about the middle of its trading range on higher and just below average volume. The action today was disappointing as the market sold off on excellent earnings news from MSFT and META. The market selling off on good news is not encouraging. The market opened strong on the news but quickly sold off. A strong open and a weak close is not what you want to see. On Tuesday I mentioned that the COMPQ rallied strongly into new high ground but sold off and closed lower. It did the same thing today, only on higher volume. Today AMZN and AAPL reported after the close and results were mixed. Futures are slightly lower as of this writing. In addition a couple of short term indicators I look at have turned down in the last few days. I wouldn’t say the rally is in real trouble right now, but there are cracks appearing. Some caution here is warranted. Jerry