Leaders Index 2-8-17

The market opened lower today with moderate losses. The market and the major averages however bottomed out in the first half hour of trading and spent the rest of the session working their way higher. The market closed without much change as the COMPQ gained .15% and the SPX was higher by .07%. Other important averages were also little changed. Volume was higher across the board and above average on the Nasd. All the major averages also finished at the top of their intraday trading ranges. Leading stocks were pretty much flat as well with the leaders index losing .01% on higher and above average volume. The index closed high in its trading range, which along with higher volume, is a sign of support. The index tagged its short term 9dma at its lows, but held it and moved higher. The chart of the index still looks fine. The market is still struggling a bit right now. The New York averages are trying to make real new highs while the Nasd averages are doing better. Today’s action was positive as the market recovered early losses and closed at its intraday highs on higher volume. It would be better to see some more punch on the upside, but the rally appears intact for now. Jerry