Leaders Index 6-21-19

The market took a breather yesterday. After opening a littler lower the major averages rallied a bit before some late selling came in. The Nasd averages were a little weaker with the COMPQ and the NDX off by .24% and .12% respectively. The SPX declined only .13%. All the major averages closed low in their intraday trading ranges, a sign of a lack of support. Volume was mixed, according to Esignal. IBD had volume higher across the board. Esignal had it higher by 6.03% on the Nasd but lower by 2.27% on the New York. Either way the declines in the New York averages were too small to qualify as distribution while we have our first distribution day on the Nasd averages. Leading stocks were hit harder than the overall market with the leaders index falling 2.98% in what was pretty much across the board weakness in quality growth stocks. The leaders index closed low in its trading range but held above its short term 9dma support level. The weakness in the market yesterday was pretty mild and not unexpected after the recent advances. The New York averages are at or just below their highs while the Nasd averages are a little farther away. The action of the market since the follow through on 6/7 has been good. The rally is on solid ground and it looks like the market is headed higher. There could always be news items that hit the market, but the direction appears to be up, at least in the short term. Jerry