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View Full Version : Leaders Index 2-4-19



Jerry Samet
02-04-2019, 07:35 PM
The market put in another positive session today as prices rose with solid gains. After hesitating at the open the major averages started to rally and continued strong into the close. The Nasd averages were the strongest as tech stocks staged good rallies. The COMPQ and the NDX gained 1.15% and 1.23% respectively while the SPX rose .68%. All closed at the top of their intraday trading ranges as there was a strong move right before the close. Volume was lower across the board, not exactly what you want to see on a rally day. Leading stocks had a good day as well with the leaders index gaining .89% and closing in the upper half of its trading range. This is a new high for the index on both a closing and an intraday basis. Volume was lower and slightly below average while the relative strength line made a new high. The market staged another good day as the rally that began on the session after Christmas moved into new high ground. Quality growth stocks continue to lead with the big cap tech stocks pulling the market higher. The chart of the leaders index looks about as good as you could want as the index of twenty top canslim type stocks is rising above its short term 9dma. This is very good action. It is very encouraging when quality growth stocks lead the market higher. The major averages are now all less than one and a half percent below their respective 200dma’s. This is the next important resistance that must be overcome. A break above these moving averages, especially on heavy volume would point to higher prices ahead. If they are turned back the rally will likely have run its course. Either way we should know soon. Jerry