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Thread: Leaders Index 7-15-21

  1. #1

    Leaders Index 7-15-21

    About the only good thing you can say about today’s action is that late buying came in and the major averages finished off their lows. The weakness started at the open and lasted most if the day. The Nasd averages were the weakest with the COMPQ and the NDX declining .70% and .71% respectively. The SPX lost .33%. The semiconductors were weak after TSM came in weak on its earnings report. The SOX declined 2.17%. All the major averages closed in about the middle of their intraday trading ranges after late strength. Volume was slightly higher across the board, according to Esignal. It rose .72% on the New York and .48% on the Nasd. This produced distribution on the major averages. Leading stocks were hit as well with the leaders index falling .72% on the day. The index closed in about the middle of its trading range and came close to its 50dma at its lows. The relative strength line of the leaders index broke below its 50dma, showing that quality growth stocks are lagging the overall market. Volume was much higher and above average, showing selling pressure in leading stocks. The action of the market today was disappointing. The weakness continued in both leading stocks and the major averages. The reversal on Tuesday seems to be having lasting effects. The overall picture seems to be getting darker as the market seems to be weakening. You never know what can happen and a positive news story could cause some buying, but it looks like the market wants to go lower and a defensive posture is warranted. Jerry
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