Leaders Index 2-21-24

The market had a volatile session today. The major averages opened lower and were in negative territory all day, except for the New York averages late. Buying came in during the last half hour and the major averages finished high in their intraday trading ranges. The COMPQ and the NDX closed lower with declines of .32% and .38% respectively. The SPX gained .13%. Volume was lower across the board. Leading stocks declined as well with the leaders index falling .59% on the day. The index closed in the upper half of its trading range on lower and slightly below average volume. The index also closed right on its 17dma support level. The market was mostly lower today as it awaited earnings from NVDA. Late buying erased much of the early declines and the market closed mixed. Leading stocks were mostly lower on the day as they continued to show weakness. The leaders index is sitting right on its 17dma and this is important support. If it breaks this support it will be negative. After the close NVDA reported and the market seems to like what it saw. The stock, along with many other leading stocks , is higher in after market trading. Tomorrow will be interesting as we will have to watch to see if early gains tomorrow can be held and if the market and leading stocks close strong. The market is at a bit of a turning point here. There have been worrisome signs in recent days. Maybe NVDA earnings can get the rally back on firmer ground. But more weakness from here would likely signal the end of the rally. Jerry