Leaders Index 7-8-21

The market took a pretty good hit at the open and there were large early losses. The major averages found their bottoms soon and rallied to recover a good deal of the opening losses. All the major averages finished high in their intraday trading ranges as there was some buying coming in, but they still closed with losses. The COMPQ and the NDX fell .72% and .60% respectively. The SPX declined .86%. There were larger losses in the small and mid-cap stocks. Volume was mixed. Higher by 6.22% on the New York and lower by only .85% on the Nasd. The Nasd volume was so close that other data feeds could have different results. This produced a distribution day on the New York averages. Leading stocks got hit pretty hard today, but also recovered some of the losses. The leaders index was off by .57% on the day. It closed high in its trading range but it remains below its 17dma. The index tagged the 50dma at its lows but held above it. Volume was higher but still below average. The market got off to a pretty ugly start today, maybe on worries about Covid variants. The market found a bottom and rallied to recover much of the losses, but it was still an overall negative session. Leading stocks are not acting well now and are underperforming the major averages. The market is struggling here. The rally still remains intact, but there is certainly not much strength in it and I would not be surprised if things started to weaken soon. Protecting recent gains should be the priority right now. jerry