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Thread: Leaders Index 6-26-20

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    Leaders Index 6-26-20

    The market got hit again yesterday, mostly on worries about increases cases of the coronavirus. The major averages opened lower and worked their way down for the rest of the session. All the major averages finished at or very near their intraday trading lows, showing little buying interest as prices fell. The losses were pretty evenly divided with the COMPQ and the NDX falling 2.59% and 2.50% respectively. The SPX lost 2.42%. Volume was higher across the board. It gained 12.25% on the New York and 15.83% on the Nasd. Much of this was due to Russel rebalancing, but it is still distribution. Leading stocks were lower but held up better than the overall market. The leaders index declined .36% on the day. The index closed high in its trading range and bounced off its 17dma and closed just above its short term 9dma. Volume also increased and was well above average. The market got hit hard yesterday as fears of increased cases of the coronavirus and a slow down in the reopening of the economy spooked the market. The losses were substantial and the low closes showed little interest as prices fell. The increased volume was mainly due to the Russel rebalancing, but it was still a large sell off on heavy volume. The SPX broke below its important 200dma support that it recently regained. The distribution count on the SPX is high right now and other items are issuing warning signs. The rally is under real stress right now, probably for the first time since it began. If we don’t get a strong advance from here quickly, hopefully on strong volume, we may have seen the high. Jerry
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