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Thread: Leaders Index 5-14-19

  1. #1

    Leaders Index 5-14-19

    The market rebounded today from yesterday’s losses, but the rally looked comparatively weak. The advances were smaller than yesterday’s decline and volume was lower. The major averages opened higher and rallied well into the session until a bit of late selling came in. The Nasd averages were the strongest with the COMPQ and the NDX higher by 1.14% and 1.06%. The SPX gained .80%. The Nasd averages finished in the upper half of their trading ranges while the New York averages closed in the lower half of their trading ranges. Volume was lower across the board as it fell 15.40% on the New York and 16.87% on the Nasd. Leading stocks were higher as well with the leaders index gaining 2.01%. The index closed just below the midpoint of its trading range and volume was lower but still above average. After a sell off you want to look at the quality of the bounce. Today’s bounce was not to encouraging. All the major averages closed off their intraday highs and the New York averages closed in the lower half of their trading ranges. The gains were much smaller than yesterday’s losses and volume was much lower. Large institutional players were not coming in today and buying stocks. The COMPQ and the SPX remain under their 50dma now resistance levels, and the leaders index is in the same position. We will have to see stronger action than today’s to improve the picture. Jerry
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