Leaders Index 11-3-22

The market couldn’t put in even a small bounce today after yesterday’s big sell off. The major averages opened lower and after a feeble rally attempt sold off into the close. All the major averages finished low in their intraday trading ranges. The Nasd averages took the worst of it as big cap tech stocks sold off. The COMPQ and the NDX fell 1.73% and 1.98% respectively. The SPX declined 1.06%. Volume was lower across the board so there was no new distribution today. Leading stocks outperformed the overall market today with the leaders index gaining 1.50% on the session. The index closed high in its trading range on higher and well above average volume. After a big reversal and decline like we saw yesterday the quality of the bounce can tell you if the worst is likely over. There was no hint of a bounce today. After making a weak attempt to rally during the day selling came in and the major averages finished weak. This would suggest that we will see lower prices ahead. The employment report comes out before the open tomorrow and it will set the tone for trading tomorrow. A weak number could help the market as market participants still seem to jump at any hint that the Fed could moderate its rate hikes. It will be interesting. Jerry