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Thread: Leaders Index 10-9-18

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    Leaders Index 10-9-18

    The market put in another overall disappointing session today. The major averages were little changed changes by the close, but struggled. There were some early gains, particularly in the Nasd averages, but they didn’t last. The Nas averages finished slightly positive with the COMPQ and the NDX higher by .03% and .26% respectively. The SPX was lower by .14%. All the major averages closed low in their intraday trading ranges, a weak development. Volume was higher across the board. Leading stocks continued to move lower with the leaders index falling .79%. on the day. The index closed near the bottom of its trading range and volume was lower than yesterday. With four days below the important 50dma the index is living below this now resistance level. The relative strength line of the index continues to make new lows. The market can’t seem to rally back from recent weakness. When there is a sell off the quality of the bounce is important. A strong bounce usually means the worst is over. A weak bounce generally leads to lower prices. We have not had much of a bounce yet. The Nasd averages continued to move further below their 50dma’s. The action in the COMPQ today looked like stalling which would be more distribution. Quality growth stocks continued their sloppy action and are leading the market lower right now. Earnings season starts later this week and if we get strong numbers it could help the market, but that is still a maybe and weak markets often decline on good news. Right now a defensive stance is best until the market shows it can regain its footing. Jerry
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