Leaders Index 9-16-14

The market had a good snap back rally today . After opening higher the major averages rose during the session and closed near their intraday highs. The COMPQ and SPY were both higher by .75%, decent up moves. The SPY is back above it’s short term 10 and 21dma’s while the COMPQ remains below it’s 10dma but regained it’s 21dma.. Volume was mixed on the day with the New York showing higher volume and the Nasd having lower trading. It would have been more convincing to see higher volume all around. Leading stocks rallied as well as the leaders index rose 1.04% on lower but still above average volume. The index only gained back a fraction of what it lost yesterday and is still below it’s critical 17dma. The 9dma has also crossed below the 17dma. The market has suffered some real damage in the last few days and we will have to see some strong price action backed up by heavy volume in both the major averages and quality growth stocks before we can get comfortable that the rally is back on solid ground. Jerry