Leaders Index 2-24-26

The market rallied today. The major averages opened mixed, but then rallied most of the remainder of the session. The major averages posted solid gains and all closed high in their intraday trading ranges. The COMPQ and the NDX rallied 1.04% and 1.09% respectively. The SPX gained .77%. Volume was lower across the board. Leading stocks had a good day as well. The leaders index was flat, but ETFs and baskets of leading stocks did better. The market rallied pretty nicely today and regained much of yesterday’s decline. The action today was encouraging, but the major averages remain in the sideways pattern they has been in for months. All the major averages still trade below their important 50dma’s. On the other hand, leading stocks continue to do well and the baskets are producing nice gains. Volume didn’t cooperate today, but the price gains came close to follow through levels. Also the weekly Coppock continues lower, but the rate of decline had slowed a lot and there is the first hint of a possible curl in the chart. If those two events happened it would change the overall picture, but right now today’s action was encouraging, but not enough to signal a new uptrend. NVDA reports tomorrow and that could affect the market. Jerry
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