The market was little changed today in an overall quiet session. The major averages opened little changed and mostly traded around unchanged the rest of the day, before closing slightly lower. The COMPQ and the NDX were pretty much flat while the SPX declined .22%. All the major averages finished near the bottom of their intraday trading ranges on volume that was little changed. Leading stocks did better than the overall market with the leaders index gaining .66% on the day. The index closed in about the middle of its trading range on lower volume. The index held its 17dma support and is trading between the 17dma on the downside and the 9dma on the upside. The relative strength line of the leaders index also made a new high today. The market was biding time today. You would like to see a nice quality bounce after a big decline, but we didn’t get that today. The market is likely waiting to see what Powell says on Friday so we may have a couple of additional days of quiet action. Friday could turn out to be interesting, depending on what Powell says. I suspect that the major averages will work their way lower and test their 50dma support levels. If that doesn’t hold the lows of mid-June are the next target. Jerry
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