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Thread: Leaders Index 1-28-19

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    Leaders Index 1-28-19

    The market sold off hard at the open and showed significant losses. There was a gap down from yesterday’s close but subsequent losses were recovered. The major averages closed with meaningful losses with the Nasd averages leading the way. The COMPQ and the NDX were lower by 1.11% and 1.33% respectively. The SPX declined .78%. All the major averages finished at the top of their intraday trading ranges, a sign of support. Volume was lower across the board, just what you want to see when prices are falling. Leading stocks were lower but the declines were less than the overall market. The leaders index declined .63%, but closed high in its trading range. The index held the short term 9dma support level again and volume was lower and below average. The market sold off at the open, mostly on disappointing earnings reports from CAT and NVDA. Much of the losses were recovered and the damage done today was pretty minor. Both the major averages and the leaders index held important support at moving averages. The major averages all closed at the top of their trading ranges while the leaders index finished high in its range. This is positive action and is supportive of the rally. When you combine this with the fact that volume was lower on both exchanges, which shows that large institutional players were not heavy sellers of stocks, the decline in prices today doesn’t look to bad. The overall picture still points to higher prices and the odds favor a move to the 200dma’s of the major averages. Jerry
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