Leaders Index 5-22-23

The market held up pretty well today with big cap tech stocks driving the Nasd averages higher. The major averages were mixed with the New York averages flat to slightly down while the Nasd averages had solid gains. The Nasd averages closed high in their intraday trading ranges while the New York averages finished in the lower half of their trading ranges. The COMPQ and the NDX gained .50% and .36% respectively. The SPX gained a slight .02%. Volume was mixed, up on the Nasd and down on the New York. Leading stocks were higher as well with the leaders index gaining .55% on the day. The index closed in the lower half of its trading range on lower and below average volume. The market had a bit of a mixed session today with the Nasd averages outperforming. Big cap tech stocks performing well today was mostly the cause. The best gains this year have been in the Nasd averages which are heavily weighted in the big cap techs. If you take out a dozen stocks the market has really gone nowhere this year. These stocks are now the canary in the coal mine. When they turn down the major averages will soon follow. In the near term it looks like we will see some higher prices in the sectors that have been leading, but I don’t know how far it will go. Jerry