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Thread: Leaders Index 6-22-22

  1. #1

    Leaders Index 6-22-22

    The market had a weak session overall today. The major averages opened with significant losses, but there was a rally after the market liked some of the things Powell had to say in congressional testimony. The major averages rallied to nice gains before they were lost by the close. There were modest losses as the COMPQ and the NDX lost .15% and .16% respectively. The SPX declined .13%. The Nasd averages closed in the lower half of their intraday trading ranges. The New York averages closed in about the middle of their trading ranges. Volume was mixed. It gained 1.68% on the Nasd and declined 3.42% on the New York. Leading stocks were hit hard, mainly due to weakness in energy stocks. The leaders index closed down 4.44% on the day and closed low in its trading range. Volume was slightly higher and above average. The market couldn’t build on yesterday’s rally in a sign of weakness. Leading stocks were very weak today and the leaders index made a new low for the move. It moved further below its 50dma and is trading below its declining 9dma. This looks like little more than a weak rally attempt that will likely not go far. Two of the top leading groups recently in the market have been the shipping stocks and the energy stocks. Both have bee hit hard in the last couple of weeks. When the leaders start to get hit it is a very negative sign. Bear markets eventually get to everyone. It could also mean that we are far into this bear and that the end might not be that far away. We are in the third leg of this bear market and that is how many most bears have. There is no bottom in sight yet, but we are getting closer to the end. Jerry
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