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View Full Version : Leaders Index 9-28-15



Jerry Samet
09-28-2015, 11:42 PM
It was an ugly session today as the major averages opened lower and spent the rest of the day selling off. The COMPQ fell 3.04% and the SPX declined 2.57%. Both closed almost at their lows of the day. Volume increased dramatically across the board and was above average on both exchanges. This shows that large institutional players were heavy sellers and there was distribution everywhere. Leading stocks did even worse as the leaders index fell 5.15% on heavy and above average volume. The index drove through it’s 50dma and closed near it’s intraday lows. The relative strength line of the leaders index is close to it’s 50dma. Only one stock in the IBD 50 was higher today and the selling was across the board. Everything from defensive stocks to REITS, commodities and even bank loan funds sold off despite the decline in interest rates. The RUT has now broken below the lows of AUG 25th and is in new low territory. The MID is right at these lows and the SPX is less than one percent above the lows of this time period. The COMPQ joined all the other major averages with a death cross. The case against a bear market is looking weaker every day. Jerry