Leaders Index 4-26-16

It was an overall quiet session today with the major averages trading in a pretty tight range all day and finishing with little change. The COMPQ was lower by .15% while the SPX gained .19%. The New York averages closed near their intraday highs while the Nasd averages finished low in their intraday trading ranges. This continues the recent pattern of the New York averages being stronger. The greatest strength again was in the small and mid cap stocks. The RUT gained 1.11% and the MID was up .87%. Both are in new high ground for the move. Volume was higher across the board, but the decline in the COMPQ was small enough to avoid any new distribution. Leading stocks outperformed the overall market with the leaders index gaining .62% on the day and closing in about the middle of it’s intraday range. Volume was higher than yesterday but still well below average. The index traded above the confluence of it’s 9dma and 17dma but couldn’t finish above them. It continues to trade between the 50dma at the bottom and the two shortest term moving averages on the top. The range is getting smaller and we should know soon which way it will break. AAPL’s earnings came out after the close and they were not good. This will have a negative effect on tomorrow’s trading. Also the Fed will announce the results of it’s latest meeting tomorrow. Both will effect the market. Jerry