Leaders Index 5-24-24

The market rebounded yesterday from Thursday’s reversal. The major averages opened higher and mostly worked their way up the rest of the session. All the major averages finished high in their intraday trading ranges. The COMPQ and the NDX gained 1.10% and .99% respectively. The SPX rallied .70%. Volume was lower across the board. Leading stocks had a good day as well with the leaders index higher by 2.23% on the day. The index closed high in its trading range on lower and below average volume. The market bounced back yesterday and regained most or all of Thursday’s losses. The NASD averages made new closing highs. Volume was lower across the board. You would like to see higher volume on the rebound, but it is not unusual to see low volume on the Friday before a long holiday weekend. The market continues its rally, but this appears to be a struggling rally. Few stocks are producing strong gains after they break out. They are holding up though and the leaders index made a new high on both a price and a relative strength basis. This is good, but it doesn’t mean we are in a strong rally, which it appears we are not. The market still looks like it wants to work its way higher, but it is a time for singles and maybe doubles, not home runs. Jerry