Leaders Index 6-3-19

The market had a bit of a split personality today, but it was overall a negative session. The Nasd averages were hit hard on news of potential antitrust investigations against several large tech companies. The Nasd averages took significant losses with the COMPQ and the NDX losing 1.61% and 2.10% respectively. They also closed near the bottom of their intraday trading ranges. The New York averages did better with the SPX declining .28% and closing in the lower half of its trading range. Volume was higher across the board, showing that large institutional players were selling stocks. Leading stocks were hit harder than the overall market with the leaders index falling 3.09% on the session The index closed near the bottom of their trading range and made new lows for the correction. Volume was higher and well above average. The market decline continued today with large losses in Nasd averages. This was due mainly to large losses in big cap tech stocks, but there were also declines in quality growth stocks overall. The leaders index broke to new lows on very high volume as large institutional players sold these stocks. Many that have been strong leaders since the last rally began at the end of last year have broken down and issued sell signals. The market internals were a little stronger, but that is not enough to outweigh the losses in the major averages. The charts of both the major averages and leading stocks look bad. We are extended to the downside right now and could see something of a rally in the short term, but the trend of the market is clearly down and we have likely not seen the bottom of this decline. Jerry