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Thread: Leaders Index 2-21-19

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    Leaders Index 2-21-19

    The market opened lower today on economic reports that were below expectations. After bouncing around all day some late buying saw the major averages finish just above the mid points of their intraday trading ranges. The COMPQ and the NDX were off by .39% and .38% respectively. The SPX declined .35%. Volume was lower across the board, but it was very close on the Nasd. This was enough to avoid a new distribution day on all the major averages. Leading stocks were lower as well with the leaders index falling .66% on the session. The index closed just below the midpoint of its trading range and is just below its short term 9dma. It traded below its 17dma today but closed above this still support level. Volume was lower and well below average. The market took a rest today with an early sell off. The fact that the major averages could regain most of the losses and close in the upper half of their trading ranges is encouraging. The fact that volume was lower on both exchanges is good as it shows that large institutional players were not heavy sellers of stocks. The leaders index continues to consolidate in a pretty constructive manner, although it is important for it to hold the 17dma support level. The charts of the New York averages look better than the Nasd averages as they have some cushion above their 200dma’s. The Nasd averages finished fractionally below their 200dma. They must rally above this important moving average as breaking below it would be very negative. There has been accumulation below the surface as the A’s minus E’s, that flattened out after a solid advance has turned back up in the last few days. Right now the rally still appears to be on track, although the Nasd averages are having some problems around their 200dma’s. Jerry
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