Leaders Index 4-23-25

The market had a somewhat mixed session. The major averages opened strongly higher on favorable tariff news, but put in its highs early. Selling came in and all the major averages finished low in their intraday trading ranges, but still with nice gains. The COMPQ and the NDX gained 2.50% and 2.28% respectively. The SPX was higher by 1.67%. Volume was nicely higher across the board. Leading stocks were higher as well. The leaders index gained 3.89% on the day. The index closed low in its trading range on higher and slightly above average volume. The market opened with strong gains on encouraging comments about tariffs. Selling quickly came in and lasted most of the remainder of the session. The major averages finished with strong gains, but they were much less than they were near the open. The low close in the trading ranges is a sign of some weakness. You would have preferred to see the major averages close strong. The 21 day EMA has been ruling the charts of the major averages since this bear market started. They broke clearly above this moving average but couldn’t hold it. The strong volume showed that large institutional players were active today, but much of that trade came on the downside. Earnings so far have been pretty good. TSLA reported yesterday and although the numbers were a little light, the stock did well today. Overall this was a mixed session. The gains were good but were much higher earlier. The rally after yesterday’s follow through is on solid ground, but it would have been more convincing with a strong close. GOOGL reports tomorrow, and there could also be more tariff news at any time. I would still treat this rally with some caution. Jerry