Leaders Index 8-30-17

The market opened close to unchanged and then rallied for the rest of the session. The Nasd averages led the way with the COMPQ higher by 1.05% and the SPX gaining .46%. All the major averages finished the day at their intraday trading highs, a good sign. Volume was mixed, higher on the Nasd and lower on the New York. Leading stocks had a strong session as well with the leaders index gaining 2.10% on the day. This is a new high on both a closing and an intraday basis. The index also closed high in its intraday trading range, a positive development. The relative strength line of the index also made a new high. Volume was higher than yesterday, although it was below average. This is a very positive session for quality growth stocks. After a positive reversal yesterday the market acted very well today. The higher volume on the Nasd averages which led the way is a good sign. They moved higher above the 50dma while the SPX joined them above this important moving average. The Nasd averages and tech stocks in general have pulled back lately but had a very good session today. The major averages are still below their recent highs but the reversal yesterday and the positive action today make it look like they are going to make a try to overcome this resistance. The action of leading stocks is very good with the leaders index gaining ground ahead of the overall market there is greater cause to hope for higher prices in the near term. Jerry