Leaders Index 5-30-18

The market had a solid snapback today. After opening higher the major averages worked their way up for the rest of the session. The biggest gains today were in the New York averages, just where the largest losses were yesterday. The SPX was higher by 1.27% while the COMPQ gained .89%. All the major averages closed at or very near their intraday trading highs. This is positive as there was support under the market as prices rose. Volume was slightly lower across the board, but it was very close. You would prefer to see higher volume on the snap back, but it was close. Leading stocks had a good session as well with the leaders index gaining 1.21% on the day. This is about in line with the SPX and ahead of the Nasd averages. It was also enough to make new highs on both an intraday and a closing basis. The index closed in the upper half of its trading range and it remains above all its short term moving averages. Volume was higher than yesterday and slightly above average. This is a good volume signature as volume increased as prices rose. The market took back most of what it lost yesterday. The New York averages all regained their important 50dma’s, a good development. The current rally attempt seems to have survived yesterday’s European scare. The fact that quality growth stocks are still doing better than the overall market is encouraging. Market don’t usually top when leading stocks are acting well. It looks like the market wants to go higher. Jerry