Leaders Index 10-15-18

The market put in a disappointing performance today. After opening lower the major averages spent most of the day in negative territory. The Nasd averages were again the weakest with the COMPQ and the NDX lower by .88% and 1.24% respectively. The SPX declined .59%. All the major averages finished at or very near their intraday trading lows, a negative sign. Volume was lower across the board. Leading stocks sold off as well with the leaders index falling .42%, but the index finished above the midpoint of its trading range. Volume was lower and slightly above average. The market couldn’t build on Friday’s rally. This is very negative. The market seems to be unable to rally after a nasty decline. When a market can’t rebound after a decline it usually means lower prices are ahead. We will have to see if earnings reports can provide any support, but it looks like the market is likely headed lower. Jerry