Leaders Index 8-22

The market opened strong today and had a solid up session overall. The major averages held their gains during the day and closed near their intraday highs. Volume was low, but much of that was caused the the outage in the Nasd trading system. The SPY is right at it’s 50dma and it will be instructive to see if it can get back above this level. Leading stocks also had an overall good session with the Leaders Index climbing 1.06%, also on light volume due to Nasd problems. This index is right at it’s 17dma and it will have to get above this important moving average with conviction for the market to get beyond it’s current funk. So far the bounce after the recent decline is not particularly impressive and at this point it looks like the path of least resistance is down. Jerry