The market got hit pretty good today. After a mixed open the major averages traded mostly sideways until later in the session when selling came in. The selling continued into the close and all the major averages finished at their intraday trading lows. The COMPQ and the NDX fell 1.12% .53% respectively. The SPX declined .76%. The greatest losses were in the small and mid-cap stocks that have led the rally since it began on 11/4/20. Volume was mixed. It fell 3.27% on the Nasd and gained 11.86% on the New York. That produced a new distribution day on the New York averages. Leading stocks got hit as well with the leaders index falling 4.26% on the day. The index closed low in its trading range and broke below its 17dma support level. Volume was higher but below average. This produced distribution in leading stocks as well. The market was hit hard today, and the sectors that have been leading the way in the rally got the worst of it. The small and mid-cap stocks were hit hardest. The semiconductor stocks, as represented by the SOX, lost its 50dma again today. The Nasd averages look like they have been turned back again at their 50dma’s. The market is acting pretty poorly overall and is clearly struggling. We could always get a move higher from here, but the market looks pretty weak right now. Jerry
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