Leaders Index 7-7-21

The market put in a bit of a mixed performance today. The Nasd averages opened higher but lost much of the early gains. The New York averages rallied through the session. The New York averages were the strongest with the SPX gaining .34%. The COMPQ and the NDX were higher by .01% and .16% respectively. The New York averages finished near the top of their intraday trading ranges while the Nasd averages closed in the lower half of their trading ranges. Volume was mixed. It fell 2.26% on the New York and rose 4.56% on the Nasd. Leading stocks were lower today with the leaders index falling .50% on the day. The index closed high in its trading range but still below its important 17dma resistance level. Volume was lower and below average. The market was overall slightly higher, at least looking at the major averages, but there was not much strength in the day’s action. The Nasd averages and the SPX made new highs today as they continued to work their way higher. Quality growth stocks had a rougher session and lost ground. The major indexes of leading growth stocks have not made new highs and are starting to underperform the overall market. The relative strength line of the leaders index is in danger of breaking below its 50dma. The rally is still intact but it is not lighting any fires. It is ok to hold positions, but stay close to the exits. Jerry