Jerry Samet
02-28-2019, 12:37 AM
A quick update as it is late. The market opened lower but put in a bottom about an hour into trading and rallied from there. All the major averages closed at their intraday trading ranges, a sign of support. The major averages finished little changed and volume was higher across the board. Leading stocks were stronger than the overall market again as the leaders index rose 1.06% and closed high in its trading range. This is a new high on both a closing and an intraday basis and the relative strength line also made a new high. Volume was lower but still above average. The fact that early weakness was overcome and the market closed strong is a positive sign. The outperformance in quality growth stocks also suggests the rally is still on solid ground. It looks like the market is headed higher from here. Jerry