Leaders Index 7-12

The market had another rough day today. After struggling early around unchanged it sold off into the close to finish at the lows of the day. Volume was up across the board, producing distribution on all the major averages. The SPY joined the NYA in closing below the 50dma. The leaders sold off a bit more than the market and closed near the lows also, down .93% on higher volume. We remain at a crossroads. If the market continues to decline from here it will break important support and probably head lower. Jerry