Leaders Index 3-17-15

The market started off weak today and early on it looked like there would be a real selloff. A couple of hours into trading the major averages bottomed and started to improve. They rallied for the rest of the session and erased much of the day’s early losses. The Nasd averages closed in positive territory with the COMPQ gaining .16% and closing at it’s intraday high while the NDX rose .12%. The New York averages regained most of their losses but still closed in negative territory. The SPX closed down .33% but closed in the upper half of it’s intraday range. The strongest action was in the small caps as the RUT rose by .20%. Volume was mixed, a bit higher on the Nasd and lower on the New York. There was no distribution today. Leading stocks were mixed on the day, but there was some strength. The leaders index was flat with a loss of .11% on lower and below average volume. The index remains above it’s important 17dma and the chart is looking like a cup. The market could have really rolled over today but regained it’s footing. This is encouraging. We are still in the same trendless environment we have been in. The market can’t get much of a head of steam in either direction. There are stocks that are producing modest gains, but few if any are running. The Fed announcement tomorrow will set the tone of trading for the session. Jerry