Leaders Index 3-28-17

The market staged a solid rally today. After opening with a little weakness the major averages spent the rest of the day rallying and all closed near their intraday trading highs. The New York averages led the way today with the SPX higher by .73% while the COMPQ rose .60%. Volume was mixed on the day. It was higher on the Nasd although still a bit below average and very slightly lower on the New York. Leading stocks rallied as well with the leaders index gaining .73% on the session. The index closed in the upper half of its trading range and is now close to breaking into new high ground. Volume on the leaders index was higher than yesterday and about average. This is a good sign as you want to see higher prices on increasing volume. This was a positive day for the market. The New York averages bounced nicely off their 50dma’s and are now above their short term moving averages. It is hard to read the market now as there are many conflicting factors, but today’s action added to the bull case. Jerry