Leaders Index 3-28-23

The market opened lower and mostly worked its way down most of the day. Late buying came in and the major averages finished high in their intraday trading ranges. They still finished in negative territory with the COMPQ and the NDX declining .45% and .49% respectively. The SPX lost .16%. Volume was lower across the board. Leading stocks declined as well with the leaders index falling .78% on the day. The index closed in the upper half of its trading range on lower and below average volume. The index remained above all its short term moving averages and in a consolidation dating back to early March. The market continued to move sideways to lower as it has for a while now. There have been a few breakouts, but they have not gone far. The market is moving without much direction right now and this could continue for a little while. It might take some event to trigger up side action, but for right now it looks like we are going nowhere fast. Jerry