Leaders Index 12-13

The market opened strong today with a gap higher at the open. It very quickly sold off to close the gap and spent the rest of the day declining. The selling accelerated after the Fed announcement and the major averages closed near the lows of the day. Volume rose across the board so there was distribution on all the major averages. Leading stocks sold off more than the overall market as the leaders index had a big red candle and finished down 2.23% on higher volume. It looks like the index is heading for another retest of the 200dma. Only five stocks in the IBD 50 were up on the day. The next support level appears to be the lows of the recent decline and then the lows of 10-4. Jerry