Leaders Index 5-3-23

The market had a pretty wild ride today. The major averages made some early gains, but they didn’t last after the Fed was done. There were moderate gains before the Fed announcement and the major averages bounced up and down after the news. When the press conference started the market sold off and closed near its intraday trading lows. The COMPQ and the NDX lost .46% and .64% respectively. The SPX declined .70% on the day. Volume was mixed. It fell on the New York and rose on the Nasd. This means that there was a new distribution day on the Nasd averages. Leading stocks did better than the overall market. The leaders index gained 2.02% on the session. The index closed low in its trading range but held its 50dma. Volume was higher and above average. The market was doing alright until the Fed announcement. The major averages then bounced up and down until Powell’s press conference started. The market didn’t much like what was said and it sold off pretty hard into the close. There was a new distribution day on the Nasd averages and the overall count is getting pretty high. The market looks weak overall right now and the current rally attempt is pretty close to officially being a failure. It looks like we are going lower in the short term, but as long as the news, particularly on the banking sector, isn’t to bad the damage is likely to be moderate. AAPL reports tomorrow and the employment report comes out on Friday. They will set the tone for the rest of the week. Jerry