Leaders Index 5-24-18

After a lot of volatility today the market ended up putting in some pretty decent action. After selling off early on news that the summit with North Korea had been cancelled the major averages found their footing and recovered almost all their losses. The Nasd averages were the strongest with the COMPQ and the NDX losing only .02% and .06% respectively. The SPX finished lower by .20%. All the major averages closed near the top of their intraday trading ranges, a sign of support as buying came in when prices fell. Volume was very close to yesterday’s levels. It looks like it was slightly higher on the Nasd and slightly lower on the New York. Leading stocks did better than the overall market with the leaders index gaining .22% on the day. The index closed in the upper half of its trading range and is comfortably above its short term 9dma support level. Volume was a bit lower than yesterday. Overall you would have to say the market did pretty well today. After some meaningful losses early the market fought it was back to close almost unchanged. All the major averages closed at their highs of the day. The small and mic cap averages, along with the semiconductors, were higher on the day. Leading stocks continue to act well and the charts of both the leaders index and the major averages showed no real damage today. How the market reacts to news is more important than the news itself. The market reacted pretty well today. Jerry