Leaders Index 4-2-26

The market had a nice rebound today after a weak start. The major averages opened meaningfully lower, but quickly found a bottom and rallied mostly into the close. All the major averages finished high in their intraday trading ranges and in positive territory. The COMPQ and the NDX gained .18% and .11% respectively. The SPX was higher by .11%. Volume was lower across the board. Leading stocks showed nice gains on the day. The leaders index gained 1.29% on the session. The index closed high in its trading range on lower and below average volume. The index is now above all its moving averages. The market actually acted pretty well today. After opening significantly lower at the open after Trumps address wasn’t particularly well received, the major averages rallied back to finish slightly positive. This is encouraging action. One thing that must be watched is the daily volume. We have had three up day on lower volume. Hopefully this will change next week. The recovery today was encouraging, but the market has a ways to go before signaling a tradable rally. There could be a follow through next week, but watch for a news driven one that could be reversed. I am looking more at the weekly Coppock right now to hopefully filter out some of the noise. It is still headed lower, but the rate of decline slowed this week. I think we are probably a little ways away from a real move and the situation in the Middle East will cause a lot of volatility. This rally attempt must still prove itself. The employment report comes out tomorrow, while the market is closed. Jerry