Leaders Index 9-10-21

The market was pretty weak overall in the holiday shortened week. The major averages were lower after finishing near the bottom of their trading ranges all week. There was also quite a bit of distribution last week. The major averages sold off into the close yesterday and they all closed near their intraday trading lows. The declines were pretty evenly divided with the COMPQ and the NDX losing .87% and .77% respectively. The SPX declined .77%. Volume was mixed. It was lower by 7.13% on the New York and higher by 14.12% on the Nasd. Leading stocks were mixed on the day. The leaders index gained .74% on the day while other
ETF’s of quality growth stocks were lower. The leaders index regained its short term 9dma but closed low in its trading range. Volume was lower and below average. The action of the market was overall negative last week. There were multiple distribution days on the major averages and it looks like there was a distribution cluster. There has also been distribution under the surface in the individual stocks. This has shown up in both the IBD and the HGSI numbers. The action of the market was negative last week and the picture darkened quite a bit. The market has had a tendency to reverse back up after some weakness recently so it could happen again, but the action last week was a cause for concern. Jerry