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View Full Version : Leaders Index 12-3-18



Jerry Samet
12-03-2018, 07:22 PM
The U. S. and China made a deal to basically call a truce in the trade war and continue working toward a deal. The market liked it and rallied strongly at the open. All the major averages gapped higher with solid gains. They did however see the highs of the day in the first five minutes and traded sideways the rest of the session. The Nasd averages were the strongest with the COMPQ and the NDX higher by 1.51% and 1.63% respectively. The SPX rallied a solid 1.09%. The Nasd averages closed in about the middle of their intraday trading ranges while the New York averages finished higher in their trading ranges. Volume cooperated today. It was nicely higher across the board, just what you want to see as prices advance. Leading stocks were stronger as well with the leaders index higher by .96%. The index closed in the upper half of its trading range and made new highs on both a closing and an intraday basis. The candle is red because it closed below its opening price. Volume was lower but still well above average. The market staged a strong open after the news from the G20 meeting over the weekend. There was a big gap open, but that was also the high of the day and the market treaded water the rest of the day. The gains were still good and the strong volume showed that there was real buying interest. The New York averages overcame their 50dma’s and 200dma’s, encouraging action. The Nasd averages were turned back at these important moving averages. They must overcome them if there is to be a tradable rally. I wanted to see the weekly Coppock today. It slowed its decline but it would take a good sized rally from here to get it to signal by the end of the week, so it will likely not confirm the follow through of last Wednesday. That means that only the Eureka will confirm. The action of the market since the follow through had been
good, but we need to see the Nasd averages break above their moving averages. Jerry