Leaders Index 6-9-16

The market had a slight down session today. The Major averages were in negative territory all day. They saw their intraday lows about three hours into trading and then staged a rally. This rally didn’t take the major averages all the way back, but it enabled them to close very close to their intraday trading highs. The COMPQ finished with a loss of .32% and the SPX fell .17%. Volume was lower across the board, showing that large institutional players were not dumping stocks today. Leading stocks were down slightly as well with the leaders index declining .21% on the day. The index continues in the consolidation pattern it has been in for over a week. Volume was very low, which is what you want to see during a consolidation. This is constructive. The major averages are hitting their heads against major resistance right now. They must break above their old highs or the rally will likely stall. Jerry