Leaders Index 12-7-17

A quick update as it is late and I am tired. The market put in a solid performance today. After opening strong the major averages rallied and then held most of their gains for the rest of the session. The Nasd averages were the leaders today as tech stocks were pretty strong. The COMPQ gained .54% while the SPX rallied .29%. The semiconductors were the strongest with the SOX gaining .99%. All the major averages and most secondary averages closed high in their intraday trading ranges, a sign of support. Volume was higher across the board, which is good, but it wasn’t much higher than yesterday. Leading stocks did well with the leaders index higher by 1.84% and the index closed near its intraday trading highs. The index cleared its important 50dma and that moving average is now support. Volume was less than yesterday, a sign that large institutional players were not heavy buyers. The index has now had three up days in a row on successively lower volume. If this doesn’t change soon the index will take on a wedging look. It was a good day overall and it is encouraging to see tech stocks moving higher. It would be very encouraging if they could regain their leadership. There did seem to be a lack of real conviction in today’s action and there were few fresh breakouts. It would be good to see some more rally days on strong volume to really improve the picture. Jerry