Leaders Index 7-26-17

The market was moderately higher today. The major averages opened strong, but saw their highs early in the session and worked their way lower the rest of the day. The COMPQ and the NDX were the leaders with gains of .16% and .34% respectively. The SPX was flat, higher by only .03%. Small and mid-cap stocks were lower while the SOX showed the strongest gain, rising 1.16%. All the major averages closed low in their intraday trading ranges, a sign that there was some selling into early gains. Volume was mixed, higher on the Nasd and lower on the New York. That combined with the low close on the COMPQ produced a stalling day on the COMPQ. Leading stocks did well with the leaders index rallying 1.62%. The index closed just below the midpoint of its trading range, but it was enough for new closing and intraday highs. The relative strength line also moved into new high ground. The major averages made new highs today, although it would have been better if they were able to close higher in their trading ranges. The stalling day on the COMPQ is not what you want to see, but the overall distribution count remains moderate. Today’s action did nothing to change the overall positive picture and staying invested is the proper stance. Jerry