+ Reply to Thread
Results 1 to 1 of 1

Thread: Leaders Index 8-17-21

  1. #1

    Leaders Index 8-17-21

    The market opened lower and went on to some significant losses. There was some taper talk and that may have spooked some participants, but the market found some support and rallied off the lows. The declines were still significant but the major averages closed in the upper half of their intraday trading ranges, about the only good thing you can say about today’s action. The Nasd averages did the worst with the COMPQ and the NDX losing .93% and .91% respectively. The SPX declined .71%. Volume was higher across the board. It gained 8.24% on the New York and 5.96% on day. This shows that large institutional players were selling stocks today. Leading stocks also lost ground with the leaders index declining .55% on the day. The index closed in the upper half of its trading range and after trading for much of the day below its critical 50dma it closed just above this important moving average. Volume was a bit higher, showing that there was heavier selling in quality growth stocks as well. The market action today was pretty bad. About the only good thing you can say is that there was some late buying and the major averages closed off their worst levels. The decline combined with the higher volume produced a new distribution day on all the major averages. The COMPQ traded down to its 50dma today but closed above it. The same thing happened with the leaders index. It held its 50dma, but not by much. A break of this important support would be a problem. The relative strength line of the leaders index broke its 50dma today, showing that leading stocks are underperforming the overall market. The charts of the major averages are still not showing serious damage, especially the New York averages. Its harder to say that about the charts of leading stocks. The warning flags were moved up higher today and the picture became more problematic. Its to early to say the rally is in serious trouble, but dancing close to the exits is a good idea 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