Leaders Index 6-26-17

The market opened with solid gains today, but it didn’t last. In a little more than a half hour the major averages topped out and sold off for the rest of the session. The close was split with the Nasd averages in the red and the New York averages up slightly. The COMPQ was lower by .29% while the SPX was higher by .03%. All the major averages closed at or very near their intraday trading lows, so there apparently was little buying interest as prices fell. Volume was lower across the board and below average on the New York. Leading stocks were lower on the day and underperformed the overall market. The leaders index was off by 1.11% on lower but slightly above average volume. It closed near the low of its trading range and has pretty much flat lined at the confluence of its 9dma and 17dma. The market opened strong today and it looked like it might be a positive session. The Nasd averages were particularly strong. There was a pretty quick reversal and the Nasd averages then took the brunt of the selling. The Nasd averages and the SOX were negative while the small and mid-cap stocks were higher on the day. It looks like it’s the tech stocks up one day and then the New York averages and small and mid-cap stocks up another. Right now the Nasd averages and leading stocks have not fully recovered the reversal day of 6/9. I think we must see some sustained strength in these stocks and have them return to new highs to show that the rally is back on track. Jerry