Leaders Index 8-22-16

After some pretty wild intraday gyrations the market finished little changed. The COMPQ was higher by .12% while the SPX lost .06%. Both closed high in their intraday trading ranges, a sign of some support. Volume declined across the board, what you would expect after an expiration day, and was well below average. It seems that most large players are on vacation. It has been weeks since the volume on either exchange was above it’s 50dma. Leading stocks were pretty flat as well with the leaders index gaining .14%. The index closed high in it’s intraday range and it bounced off it’s important 17dma support level. It is sitting right on it’s 9dma as well. Volume on the day was well below Friday’s level and was the lightest in a couple of months. Short term both the major averages and the leaders index are in consolidation ranges they have been in for weeks. This is not unusual after a break into new high ground. The charts of both the major averages and the leaders index look ok with all trading around their short term moving averages. The rally is intact, but a break into new highs with some conviction would make me feel a lot better. Jerry