Leaders Index 9-17-20

About the only really good thing you can say about today’s action is that the market finished off its lows. The major averages opened lower and were in negative territory the entire day. Late strength cut the losses and all the major averages closed in the upper half of their intraday trading ranges. The Nasd averages were hit the hardest with the COMPQ and the NDX losing 1.27% and 1.48% respectively. The SPX declined .84%. Volume was mixed. It was lower by 8.45% on the New York and higher by 2.05% on the Nasd. This combined with the price decline was enough to cause a new distribution day on the Nasd averages. Leading stocks were lower as well with the leaders index lower by 1.79%. The index closed high in its trading range and below its 17dma. It did hold its short term 9dma. Volume was higher and about average. This showed distribution in quality growth stocks as well. The market continued its overall weak action today. The late buying helped and took some of the sting out of the decline, but that isn’t much. The COMPQ closed back below its 50dma, the third time it has broken below this important moving average. Leading stocks are having some trouble as well and many of the best stocks are selling off and breaking below their 50dmas. The market is struggling now and could go either way. Right now it looks like lower prices are the most likely outcome. Jerry