Leaders Index 2-20-26

The market rallied yesterday and closed with solid gains. 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 rallied .90% and .87% respectively. The SPX was higher by .69%. Volume was higher across the board. Leading stocks had a strong session as well. The leaders index gained 1.89% on the day. The index closed high in its trading range on higher and above average volume. This is a new high for the index on both a price and a relative strength basis. The market rallied yesterday, mostly it seems on the Supreme Court over turning the tariffs. The PCE and GDP reports didn’t seem to have much effect. The action yesterday was encouraging, but it doesn’t really change the overall picture. The market continues to be under stress and the major averages remain in their recent trading ranges. There are some important inflation numbers coming out next week and NVDA reports after the close on Wednesday. The market could still go either way at this point, and a cautious stance is still warranted. Jerry