Leaders Index 5-26-17

In the few days I was gone the market acted well. All the major averages have moved into new high ground. They had a quiet session yesterday in pre-holiday trading. The COMPQ finished the day with a small gain of .08% while the SPX was higher by .03%. All the major averages closed high in their intraday trading ranges, a good sign. Volume was lower across the board, as you would expect on the day before the Memorial Day weekend. Leading stocks have done well also with the leaders index gaining .59% on the day and closing in the upper half of its trading range. The index set a new high on both a closing and an intraday basis and is nicely riding its short term 9dma higher. The relative strength line of the index also set a new high. The action of the market and quality growth stocks has been positive. The potential wedging patterns in the leaders index and the COMPQ took a hit as there was a strong rally day Thursday on higher volume. The fact that quality growth stocks are leading the overall market is very positive. It looks like the rally is on solid ground and the market wants to go higher. Jerry