Leaders Index 10-4-17

The market put in a quiet session today, but the overall tone was positive. The major averages spent most of the day in positive territory, although they traded in a tight range. The COMPQ was higher by .04% while the SPX gained .12%. They all closed high in their intraday trading ranges, a good sign. Volume was very close to yesterday’s levels but slightly lower on both exchanges, according to esignal. Leading stocks had a solid advance with the leaders index higher by .80%. The index finished near the top of its trading range and is at new closing highs. The relative strength line of the index also made a new high today. It is encouraging when quality growth stocks outperform the overall market. The only negative right now with the leaders index is volume. It continues to rise on light volume, not what you want to see. Things are looking positive right now. The major averages and the leaders index have favorable charts and are acting well. Things can change on pretty short notice, as we have seen many times, but right now it looks like we will see higher prices in at least the near term. Jerry