Leaders Index 5-7-25

The market was all over the place today, which is not unusual on a Fed announcement day. The major averages opened little changed and bounced around all day, especially after the Fed announcement. Late strength saw all the major averages finish in the upper half of their intraday trading ranges and with decent gains. The COMPQ and the NDX gained .27% and .39% respectively. The SPX rallied .43%. Volume was higher across the board. Leading stocks were higher as well. The leaders index gained .93% and closed high in its trading range. The index bounced off its 9dma on lower and below average volume. It was a pretty volatile day, as is generally the case on Fed announcement day. The major averages bounced around all day and some late strength came in causing the major averages to close with moderate gains. We are in a situation where frankly I think it could go either way. There are indicators that point in both directions. The major averages are still trading between the 200dma on the upside and the 50dma below. The one that is broken first will tell us which way it will go. Jerry