Leaders Index 12-22-16

The market had another fairly quiet session with the major averages trading in tight ranges. The market opened lower and stayed in negative territory the entire session. The COMPQ declined .44% while the SPX lost .19% The Nasd averages closed in the lower half of their intraday trading ranges while the New York averages finished high in their trading ranges. Volume was higher across the board but still well below average. This continues the pattern of low volume in the pre-holiday period, but it is still enough to produce a new distribution day on the Nasd averages. The SPX didn’t fall enough to cause distribution. Leading stocks were lower as well with the leaders index declining .25% on higher but below average volume. The index closed in the lower half of its trading range. It looks like we are continuing the current consolidation in both the leaders index and the major averages. The charts of the major averages look fine and the leaders index looks like it is forming a new base. The direction that they break will tell us a lot about the future direction of the market. There will be no update over the weekend, I hope everyone has a good holiday weekend. Jerry