Leaders Index 6-1-22

The market had a negative session today. The major averages opened with small gains, but selling came in and they went to significant losses. There was a rally attempt but it didn’t go far. All the major averages closed low in their intraday trading ranges. The losses were pretty evenly divided with the COMPQ and the NDX falling .72% and .74% respectively. The SPX lost .75%. Volume was lower across the board. It fell 5.09% on the Nasd and 12.89% on the New York. Leading stocks were higher, mostly on strength in energy stocks. The leaders index gained 1.69% on the day. The index closed in about the middle of its trading range on lower but above average volume. The market avoided another distribution day as volume declined on both exchanges. The action after the follow through last week is not encouraging. There was a distribution on the second day after the follow through, and that is usually fatal for a rally attempt. The rally attempt is still in force, but it is looking weak and has a good chance of failing. Jerry