Leaders Index 7-17-23

[Jerry Samet]

The market put in a solid session today. The major averages opened higher and mostly worked their way up the rest of the day. All the major averages finished in the upper half of their intraday trading ranges, with the Nasd averages closing higher. The COMPQ and the NDX gained .93% and .95% respectively. The SPX was higher by .39%. Volume was lower across the board. Leading stocks had a very strong session with the leaders index rallying 2.99% on the day. The index closed near the top of its trading range on lower but about average volume. This is a new high for the leaders index on both a closing and an intraday basis. The relative strength line of the index also made a new high, showing outperformance in leading stocks. The market acted well today and continued its recent positive action. All the major averages made new highs for the rally and are looking good. The small and mid-cap stocks continued to act well as the rally broadens out. The fact that leading growth stocks are outperforming the overall market is also encouraging. The market may be getting a little expended in the short term and some sort of consolidation or pullback is possible, but the rally is acting well and we likely have not seen the top yet. I will be giving a presentation on Saturday on the Molly group. It will cover how to build a leaders index and a basket. We will also discuss leveraged ETFs and the market right now. Here is a link if you are interested. Jerry
https://tinyurl.com/2s35s9bn