Leaders Index 9-7-16

The market had a fairly quiet session today and the major averages closed little changed. There was some early weakness and late strength, generally a good sign. The COMPQ gained .15% on the session and the SPX fell only .01%. Both closed high in their intraday trading ranges, a sign of some support. Volume was mixed, higher on the Nasd and slightly lower on the New York. At least the averages that were higher got more of the volume. Leading stocks had modest gains with the leaders index rallying .17% and closing high in it’s intraday range. This is new high ground on both a price and a relative strength basis. Volume was higher and above average. Most of the above average volume days recently have been on the upside. Overall the action today was constructive. The leaders index made a new high along with many important major averages. A couple od secondary indicators I look at, the As minus Es and the Summation Index, have also turned positive. It looks like the rally is intact and the market is headed higher in at least the short term. Jerry