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Thread: Leaders Index 4-19-18

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    Leaders Index 4-19-18

    The market opened lower and declined for a good part of the session. Some late buying brought the major averages off their lows. The Nasd averages closed near the bottom of their intraday trading ranges while the New York averages finished in the upper half of their trading ranges. The COMPQ was lower by .78% while the SPX declined .57%. The real damage was in the semiconductors with the SOX declining 4.31% on reports of slowing smartphone sales. Volume was higher across the board, according to Esignal, although the increase was small. This was enough to produce a fresh distribution day today although the New York averages did close in the upper half of their trading ranges. There was also a stalling day yesterday that added to distribution. Leading stocks were lower as well with the leaders index falling .54% on the day. The index closed just below the midpoint of its trading range. It tagged its short term 9dma support level and closed well above it. Volume was much lower and well below average. There was no distribution in quality growth stocks. The chart of the leaders index looks good. The market sold off today, but some pullback is to be expected after the recent advance. The decline today wasn’t too bad and the charts of the major averages still look like the current rally attempt is ok. It would however have been better if there was no distribution The major averages may well pull back to their 50dma now support levels. How they act at this moving average is critical. If they hold it and turn higher it will be positive action. If, however, they break below this support the follow through of last week will be in trouble. Jerry
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