Leaders Index 2-14-19

The market bounced around today and ended up finishing not far from where it started. There was early selling on weak economic numbers but the major averages regained these declines and got into positive territory before some late selling. All the major averages closed in the upper half of their intraday trading ranges, a sign of support. The Nasd averages closed a little higher with the COMPQ and the NDX higher by only .09% and .09% respectively. The SPX declined .27%. Volume was lower across the board, but it was very close on the New York. It is close enough that data feeds other than esignal could have it a bit higher. If it was higher it would be a distribution day on the New York averages. Leading stocks were generally higher with the leaders index gaining .45% on the day. The index closed high in its trading range and held above the 17dma support level. It is still below the short term 9dma. Volume was lower but slightly above average. The market seems to be struggling a bit right now. It is not unusual for a stock or a major average to hesitate around an important moving average. The Nasd averages and the NYA are still below their 200dma’s and are having some trouble getting above it. The SPX remains above its 200dma but came back today and is sitting right on it. If it fails to hold this important now support level it will be a negative development. We are at a bit of a crossroads, the SPX must hold its 200dma and move above it. The rest of the major averages must break above this important moving average. Only the market knows which way it will ultimately go. There will be no update tomorrow. I hope everyone has a good long weekend. Jerry