Leaders Index 11-14-25

The market put in an overall disappointing session yesterday. After opening lower the major averages put in a bottom and rallied to decent gains. Unfortunately the gains didn’t hold and were mostly lost by the close. The major averages all closed little changed but still in the upper half of their intraday trading ranges. The COMPQ and the NDX gained .13% and .06% respectively. The SPX declined .05%. Volume was lower across the board. Leading stocks were pretty flat as well. The leaders index lost .11% on the day. The index closed high in its trading range om higher and slightly above average volume. The action of the market was not encouraging yesterday. After a big sell off you want to see the quality of the bounce to help determine if the worst is over. The bounce yesterday was pretty much nonexistent. Market internals were slightly negative and the action in leading stocks isn’t great. The charts of the leader’s index along with baskets of leading stocks look pretty bad. The major averages tested their important 50dma support levels yesterday and held them. It is critical for this moving average to hold. Right now the picture isn’t too bright and a defensive posture is warranted. Jerry