Leaders Index 3-6-23

The market staged a negative reversal today. The major averages opened higher and ran to solid gains early. The gains didn’t last as selling came in erased them. The final numbers were little changed with the COMPQ lower by .11% and the NDX higher by .10%. The SPX gained .07%. All the major averages finished near their intraday trading lows. Volume was lower across the board. Leading stocks were lower on the day with the leaders index declining 1.03%. The index closed in the lower half of its trading range on higher and slightly above average volume. The market put in a negative session today as solid early gains were lost and the market finished near unchanged. Volume was lower so large institutional players were not heavy sellers. After a couple of days of upside action some consolidation could be expected, but a price reversal like this is never a good sign. Powell is speaking in front of Congress tomorrow and Wednesday and the employment report comes out Friday. Any of these news items could move the market. I am positive in the longer term, the short term could be a little rocky until a real rally sets in. Jerry