Leaders Index 8-9-18

The market had some early gains but couldn’t hold on to them. The major averages, particularly the Nasd averages, rallied a bit but sold off near the close. The COMPQ was higher by .04% while the NDX declined .03%. The SPX was lower by .14%. All the major averages finished at or very near their intraday trading lows as late selling came in. Volume was a bit lower across the board, which is what you want to see when the major averages seem to be consolidating a bit just below new high territory. Leading stocks were generally higher with the leaders index gaining .66% on the session. This is a new high on both a closing and an intraday basis. The close was however in the lower half of its trading range, showing that there was a late decline in quality growth stocks as well. The relative strength line in in new high ground as well. Volume was higher but still below average. The market showed some early gains. The Nasd averages in particular showed some nice gains, but they were gone by the close. The late selling was a negative, but the lower volume showed that the selling pressure was not to great. The overall picture still looks slightly positive, but there doesn’t seem to be a lot of punch behind the market. A move into new high ground on strong volume is what we are looking for right now. Jerry