Leaders Index 3-15-17

The market had a strong session today. After opening higher the major averages trended up until the Fed announcement and then it rallied nicely and continued through Yellen’s press conference. The COMPQ was higher by .74% while the SPX advanced .84%. All the major averages closed at or very near their intraday trading highs, a sign that there was good support. Volume was higher across the board and a little bit above average. This shows that large institutional players were buying stocks today. The NDX and the SOX both made new all-time highs today and many other of the major averages are not far away. Leading stocks rallied as well with the leaders index gaining .66% and closing high in its trading range. The index is sitting right on its 9dma and after making a new high on Monday has been resting again. The fact that it is above its 9dma shows that it is still looking good. Today’s action was positive and the major averages are close to breaking into new high ground. It will be solid confirmation of a continued uptrend if this were to happen. Jerry