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View Full Version : Leaders Index 9-26-19



Jerry Samet
09-26-2019, 06:37 PM
The market put in a disappointing session today. The major averages opened lower and sold off much off the day. There was some buying in the last couple of hours that allowed them to close well off the lows. The Nasd averages closed just below the midpoint of their intraday trading ranges while the New York averages finished just above the midpoint of their trading ranges. The Nasd averages were the weakest with the COMPQ and the NDX declining .58% and .40%. The SPX fell .24%. Volume was lower across the board, declining 4.84% on the Nasd and 3.37% on the New York. This means that there was no distribution today. Leading stocks did worse than the overall market. The leaders index declined 1.81% and closed low in its trading range. The index rallied above its 50dma but was turned back at its 17dma. It has since broken back below its 50dma and is now starting to live below this important moving average. The volume was lower and below average. The chart of the leaders index is looking progressively worse. There is a pattern of lower highs and any more downside will produce lower lows. The relative strength line of the index is badly broken. The COMPQ fell back below its 50dma while the NDX regained it. The New York averages remain above this important support level. The major averages look like they are struggling, but the really worrisome thing is the poor performance of leading stocks. Breakouts are failing with some regularity and stocks that have made some gains are selling off. At this point the odds seem to favor the market going lower. Jerry