Leaders Index 9-28-17

After a little weakness at the open the market came back and traded in a pretty tight range for the rest of the session. The major averages closed little changed but with a slight positive bias. The New York averages outperformed with the SPX and NYA higher by .12% and .18% respectively. The Nasd averages lagged with the COMPQ dead flat and the NDX lower by .06%. All the major averages finished trading at the top of their intraday trading ranges as some late buying came in. Volume was lower across the board, which is good as they consolidate yesterday’s gains. Leading stocks were higher on the day with the leaders index gaining .37% on the day and closing high in its trading range. The index remained above all its short term moving averages, a good sign. The worry now about the index concerns volume. It was lower again today and the chart of the leaders index could be taking on a wedging look. Overall the day’s action was mildly positive. The market consolidated yesterday’s gains in in a constrictive manor. The New York averages are mostly in new high ground. We should see the Nasd averages and the leaders index join them, hopefully on strong volume, to show that the market wants to go higher. Jerry