Leaders Index 11-7-23

The market put in another overall positive session today. The major averages opened slightly higher and mostly worked their way up the rest of the day. All the major averages finished high in their intraday trading ranges. The Nasd averages led the way with the COMPQ and the NDX gaining .90% and .93% respectively. The SPX rallied .28%. Volume was higher across the board. Leading stocks were mixed and underperformed the overall market. The leaders index fell .15% on the day The index closed in about the middle of its trading range on higher and just below average volume. The weakness in the oil market effected the prices of several energy companies in the index. The session today was solid and the major averages advanced again on higher volume. This is positive. The major averages have cleared their 50dma’s and their respective downtrend lines, so the most important near term resistance has been overcome. One thing to keep an eye on is the fact that for the second day in a row the major averages have advanced while market internals were on the weak side. This isn’t fatal to the rally but it should be watched. Right now the market may be a little extended short term, but the rally is looking good. Jerry