Leaders Index 4-12-21

The market took a break today as there were slight losses in fairly quiet trading. The major averages opened a bit lower and traded in a fairly tight range. The Nasd averages were the weakest but the declines were contained. The COMPQ and the NDX were off by .36% and .19% respectively. The SPX was pretty much flat with a .02% decline. All the major averages finished high in their intraday trading ranges, a sign of support. Volume was mixed. It was lower by 2.00% on the New York and higher by 7.93% on the Nasd. This combined with the price decline on the COMPQ produced a distribution day on the Nasd averages. Leading stocks were higher on the session with the leaders index gaining .92%. The index closed high in its trading range and made a new high on both a closing and an intraday basis. Volume was a little higher and above average. This is encouraging. The market was mostly quiet today and the market overall is acting ok. Nothing that happened today causes any real concern. There was a distribution day on the Nasd averages, but the overall count is very low. The uptrend appears to be intact and the market should work its way higher, at least in the shorter term. Jerry