Leaders Index 2-27-23

The market put in a fairly weal rally today. The major averages opened higher and spent most of the remainder of the day working their way lower. All the major averages closed low in their intraday trading ranges. Most of the gains were in the opening gap. The Nasd averages were the strongest with the COMPQ and the NDX gaining .63% and .74% respectively. The SPX rallied .31%. Volume was mixed, higher on the Nasd and lower on the New York. Leading stocks outperformed the overall market with the leaders index gaining 1.19% on the day. The index closed in about the middle of its trading range on slightly lower and below average volume. The market finally got a bounce today after weakness last week, but it was not impressive. Much of the gains from a strong open were lost by the close. Both the CPMPQ and the SPX held important moving average support. The almost consistent selling during the day showed that market participants were taking advantage of the higher prices to dump stocks. This is not particularly encouraging action. I think we will see lower prices in the short term before a real rally can get underway. Jerry