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Thread: Leaders Index 1-29-19

  1. #1

    Leaders Index 1-29-19

    The market was lower today with the Nasd averages leading the way. The major averages were lower most of the session and all closed low in their intraday trading ranges. The COMPQ and the NDX declined .81% and .96% respectively. The SPX was off by .15%. Volume was lower across the board, which is what you want to see when prices fall so there was no distribution. Leading stocks declined as well with the leaders index off by 1.36% on the session. The index finished low in its trading range but still held above the short term 9dma support level. Volume was lower and well below average. The light volume on both the major averages and the leaders index shows that large institutional players are not selling stocks heavily. The market has been consolidating the gains it has made since the rally started on the session after Christmas. It looked like it was trying to start to move higher last Friday but has declined the last two days. The major averages are still acting pretty well and are consolidating in a constructive manner. All the major averages and the leaders index are holding important support and as long as they continue to do this the overall trend remains up. We are in the middle of earnings season and they will have a big influence on the direction of the market. AAPL reported after the close and the numbers were pretty well received as it is moving higher in afterhours trading and the futures are higher. The market appears to want to go higher and a move to the 200dma’s of the major averages remains the most likely outcome right now. Jerry
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