+ Reply to Thread
Results 1 to 1 of 1

Thread: Leaders Index 10-1-18

  1. #1

    Leaders Index 10-1-18

    The market put in a nasty reversal today. There was early strength as the market opened higher on news of a new trade deal with Canada. The major averages showed strong early gains, but it didn’t last long. Selling soon came in and the major averages headed lower. The New York averages were the best performing as the SPX finished with a gain of .36%. The COMPQ closed in negative territory by .14% while the NDX was higher by .23%. All the major averages closed at of very near their intraday trading lows, a sign of a lack of support. Volume was higher across the board, showing that large institutional players were active today. The session produced a stalling day on the SPX. There was no distribution on the COMPQ as the decline was too small to qualify. The NDX had the look of stalling. Leading stocks suffered a reversal also today as well with the leaders index declining .86% . The index finished low in its trading range and slightly below the important 17dma. Volume was a bit lower than Friday so there was no distribution in quality growth stocks. The action today was disappointing. Early on both the major averages and leading stocks showed good gains and it looked like the trade deal would generate a rally. Maybe an hour into trading the selling came in and both the major averages and quality growth stocks sold off. This type of reversal is troubling and the caution level should increase. The charts of the major averages are still looking ok, but the chart of the leaders index is struggling. The overall picture still looks positive, but some good rally days on high volume would make me feel better. Jerry
    Attached Images  

+ Reply to Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts