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View Full Version : Leaders Index 4-17-20



Jerry Samet
04-18-2020, 11:43 AM
The market put in a strong session yesterday. The major averages gapped higher at the open mostly on news of some new promising treatments for the coronavirus. The major averages held these gains for most of the session when late buying came in and all the major averages finished at their intraday trading highs. The New York averages were the strongest with the SPX gaining 2.68% and breaking above its 50dma. The Nasd averages brought up the rear with the COMPQ and the NDX higher by 1.38% and .85% respectively. Volume was higher across the board. It gained 10.15% on the New York and 8.57% on the Nasd. This shows that large institutional players were buying stocks yesterday. Leading stocks were higher as well with the leaders index gaining .58% on the day. The index closed high in its trading range on lower and slightly below average volume. The action yesterday was encouraging. The market seems to be reacting pretty well so far to earnings reports. Everyone knows the earnings numbers will be bad, but maybe much of that is mostly priced in. The higher volume shows that there was buying power behind the advance, which is positive. The most important factor last week was the weekly Coppock. It flattened out last week and, barring a big decline next week will likely turn up. This would be very positive and would indicate that this rally is on solid ground and has further to go. The signal is a little late this time because the indicator had a big head of steam on the downside after the large decline we just saw. The picture is improving as more stocks stage breakouts and are going on to produce some gains. We should see higher prices ahead, at least in the short term. Jerry