Market Leaders Taking Hits

Yesterday, I noted that market breadth is still declining. In today's IBD, we learn the following:

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.

.....

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.

.....

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.