Leaders Index 7-20-18

The market tried to rally today but was unable to hold early gains. The major averages looked like they were going to rally a bit but about two hours into trading they started selling off and continued lower for the rest of the session. All the major averages finished at their intraday trading lows, a negative sign. The losses were small as all closed close to unchained. The COMPQ finished with a loss of .07% while the SPX declined .09%. Volume was mixed, slightly lower on the Nasd and higher on the New York. This means the New York averages just barely missed a stall day. Leading stocks sold off more than the overall market. The leaders index fell .84% on the session. The index closed high in its trading range and above the short term 9dma support level. Volume was slightly higher than yesterday. The day’s action would have to be considered somewhat negative. The market tried to rally early but couldn’t hold the gains. The A’s minus E’s turned slightly down today, joining the Summation Index. This points to some short term weakness, but the charts of the Nasd averages and the leaders index still look good. The high close of the leaders index and its current consolidation are both positive. The New York averages continue to lag and some strength there would be encouraging. The short term trend still appears to be up, but it is getting a little sloppy. Jerry