Leaders Index 8-24-22

It was another quiet day for the market. The major averages opened moderately lower and rallied a bit before giving some of it back. The major averages finished with modest gains. All the major averages finished in about the middle of their intraday trading ranges. The COMPQ and the NDX were higher by .41% and .28% respectively. The SPX rallied .29%. Volume was lower across the board. Leading stocks were higher as well with the leaders index gaining .72% on the day. The index closed in about the middle of its trading range on lower volume. The index closed right at the short term 9dma and is trading between the 9dma and the 17dma. The market continued to bide its time until Friday’s speech by Powell. There was a slight positive bias to the day’s action, but clearly many market participants are not eager to take positions before they hear what he has to say. The chances for a 75 basis point have increased. Tomorrow will also likely be quiet. Jerry