Leaders Index 5-1-23

The market ended up little changed today. The major averages opened little changed and after some early gains sold off into the close to finish with modest losses. All the major averages closed low in their intraday trading ranges. The COMPQ and the NDX declined .11% each. The SPX lost only .04%. Volume was lower across the board as many market participants waited news later this week. Leading stocks did better than the overall market with the leaders index gaining 1.06% on higher and above average volume. The index closed in the lower half of its trading range but held its 50dma. The market was quiet today and traded little changed. The major averages did little as investors waited for a lot of news later this week. On Wednesday the Fed announcement comes out and on Friday the employment report is realized. You can also throw in AAPL earnings. All can move the market. It still looks like the most likely outcome in the near term is mostly sideways action. Short term indicators are mixed and we are likely to see frustrating back and forth action for at least the next few weeks. I still think that we have seen the bottom of the bear market but it is not ready for a serious rally yet. It may be a good beach summer. Jerry