Leaders Index 6-8-22

The market struggled again today. After holding around unchanged selling came in and all the major averages finished near their intraday trading lows. The New York averages were the weakest with the SPX declining 1.08%. The COMPQ and the NDX fell .70% and .76% respectively. Volume was higher across the board. It gained 9.74% on the Nasd and 2.98% on the New York. That combined with the price declines was enough for a new distribution day on all the major averages. Leading stocks were hit harder than the overall market. The leaders index fell 3.13% on the day and closed low in its trading range. Volume was slightly lower and the index held its 9dma. The market continued its volatile sideways action that it has seen for the last eight trading sessions. Little progress has been made since the follow through on 5/26. The market is just going up and down and it is tough to make any progress in either direction. The longer this goes on the greater the chance that prices will break down. I suspect that this is how this recent trading range will be resolved. I will be away for a couple of days. The updates will resume on Monday. Jerry