Leaders Index 2-20-19

After opening higher the market sold off and then just bounced around after the Fed minutes and finished pretty close to unchanged. There were small gains in the major averages and the Nasd averages lagged. The COMPQ and the NDX were mixed with the COMPQ higher by .03% and the NDX off by .06%. The SPX was higher by .18%. The small and mid-cap stocks were stronger with the RUT and MID higher by .46% each. The New York averages finished in the upper half of their intraday trading ranges while the Nasd averages closed in about the middle of their trading ranges. Volume was higher across the board. Leading stocks were mixed to slightly lower with the leaders index declining .27% and closing slightly below the midpoint of its trading range. Volume was lower and slightly below average. The market pretty much treaded water today with small gains in the major averages. Tech stocks caused the Nasd averages to lag today as what strength there was showed up in the New York averages and the small and mid-cap stocks. The important thing today was that the Nasd averages that just broke above their respective 200dma’s held this important support level. The New York averages are moving higher above this support and acting pretty well. The leaders index continues to consolidate in a fairly constructive manner. Right now the thing to watch is the 200dma’s of the major averages. The good thing is that this line in the sand is close to current price levels so we will see trouble ahead pretty quickly and with small price declines if it comes. Jerry