+ Reply to Thread
Results 1 to 1 of 1

Thread: Leaders Index 9-10-20

  1. #1

    Leaders Index 9-10-20

    The market put in a disappointing performance today. There was a nasty negative reversal. The major averages opened higher and were strong early. The gains didn’t hold as selling quickly came in and the major averages sold off pretty much into the close. All the major averages finished low in their intraday trading ranges. The Nasd averages were the weakest as big cap tech stocks declined. The COMPQ and the NDX fell by 1.99% and 2.12% respectively. The SPX lost 1.76%. Volume was higher across the board. It gained 10.44% on the Nasd and 8.87% on the New York. This shows that large institutional players were selling stocks today and it added a new distribution day on all the major averages. Leading stocks were lower as well, but less than the overall market. The leaders index was lower by .56% on the day. It closed low in its trading range on slightly lower volume. The index tagged its 17dma resistance level at its highs but couldn’t overcome it. The lower volume showed less selling pressure in quality growth stocks. The market acted poorly today. Early on it looked like there would be a continuation of yesterday’s strength. It didn’t last as selling came in and the market sold off into the close. This reversal is very negative. In addition volume was higher across the board. When you see a decline on heavy volume, a bounce back on lighter volume, then a decline on higher volume, the market is usually telling you it is going lower. The distribution count is getting higher and protecting capital is the primary concern right now. Jerry
    Attached Images  

+ Reply to Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts