Leaders Index 7-20-17

The market took a rest today and traded in a fairly tight range, closing little changed. The Major averages were mixed with the COMPQ higher by .08% and the SPX losing only .02%. All the major averages closed in the upper half of their intraday trading ranges, a sign of support after the recent advance. Volume was mixed, higher on the Nasd and lower on the New York. There was no fresh distribution as the decline in the New York averages was too small to qualify. Leading stocks pulled back a bit today with the leaders index falling .62% and closing in the lower half of its trading range. Volume declined from yesterday’s level and was well below average. This is what you want to see after the strong rally the index has had in the last two weeks. Today’s action was encouraging. The market took a rest after its recent rally and held the gains well. Nothing happened in this session that would cause any real worry. A rest after the rally we have had and the move to new highs is not only to be expected it is healthy. Nothing that happened today does anything to change the current positive outlook. There will be no update tomorrow. They will resume next week. Jerry