Leaders Index 5-24

It was a disappointing day today. After a sell off like yesterday you want to see a strong snap back on volume to show there is support for the market. After a weak rally all day the major averages sold off into the close to finish at the lows of the day. Volume was mixed, lower on the NYSE and higher on the Nasd. This produced distribution on the Nasd averages. The leaders were flat on the day on very low volume. The leaders index remains below the 50dma and the 9dma is now below the 50dma with the 17dma not far behind. The charts of the major averages and the leaders index are looking weak, and it appears lower prices are ahead. Jerry