Leaders Index 7-19-18

The market sold off today from the start. After a couple of attempts to get back to breakeven the major averages finished near the lows of the session, a sign of lack of buying support. The selling was pretty evenly divided with the COMPQ off by .37% and the SPX declining .40%. The NDX fell .51% as large cap tech stocks were weak. Volume on the New York was higher, producing a distribution day on the New York averages. Nasd volume was very close. IBD saws it was lower, so there was no distribution on the Nasd averages. Leading stocks were pretty flat and held up better than the overall market. The leaders index was off by .06% and it closed high in its trading range. The index also is holding above all its short term moving average support levels. Volume was lower today and well below average. The market was lower all day and closed low in its trading range. Volume was higher on the New York and those averages continue to lag. The Nasd averages sold off today, but their charts are still looking ok. The chart of the leaders index is acting well. You can’t say much bad about an index that remains above its short term 9dma. The Summation index turned down a couple of days ago and the A’s minus E’s went almost flat today. Based on that there could be some weak action in the next few days, but the overall trend still seems to be higher. Jerry