The market's broad indexes closed mixed Monday after paring losses, but heavy declines among leading stocks netted a stealth sell-off on Wall Street.
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But look a little closer and that last-minute rebound starts to lose its luster. Leading stocks, under pressure all day, failed to bounce back in step with the market. The IBD 100 sank 1.5%, a much bigger loss than seen among the broader indexes.
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Today's Market Pulse shows a long list of such falling leaders, many of which also sliced through key support levels such as their 50- or 200-day moving average.
The story contains the following graphic:
Also consider the following charts:
Some of these stocks are still at buy points. But yesterday it looked as though they were getting hit by profit taking. If this trend continues -- that is, the big movers of the latest rally selling off -- another leg in the rally will by gone.
