Leaders Index 1-18-18

The market took a break today and closed little changed from the day before. After bouncing around unchanged the major averages finished with very small losses. The COMPQ was lower by .03% while the SPX declined .16%. The only averages rising were the SOX and the NDX which rose .46% and .02% respectively. All the major averages closed about in the middle of their intraday trading ranges and volume was lower across the board. Leading stocks were mixed as well with the leaders index higher by only .12% on the session. The index closed in about the middle of its intraday trading range and is sitting right on the short term 9dma. Volume was lower and about average, a good sign as prices consolidate. The day’s action was generally constructive. The major averages took a well-deserved break but erased most of their earlier losses to close virtually unchanged. Not too bad considering recent gains. The leaders index also looks like it is taking a break as we have seen mostly sideways action in the last few days. It would look better without that big red candle, but that was largely due to news out of Washington. There may be some more volatility ahead in the short term as news stories come out of Washington about the budget, but the overall picture looks bright and we should see higher prices ahead. Jerry