Leaders Index 9-14-15

It was a pretty quiet session for a change today with the market trading a bit on the down side most of the session. The major averages opened lower and were little changed most of the day. The COMPQ was down by .34% while the SPX declined .41%. Both closed low in their intraday trading ranges and volume was lower across the board, as would be expected on a Jewish holiday. Leading stocks outperformed the overall market with the leaders index gaining .93% on the session. This was a new high on both a price and a relative strength basis. As I said over the weekend I took EFOI out as it dropped so much in two days and replaced it with TYL. After the wild day three weeks ago today and a few days of volatile trading the major averages have settled into a fairly tight trading range. On the COMPQ for the last two weeks trading has been confined between a high of 4862.88 and a low of 4614.91. This is a fairly tight range and the direction it breaks from this range may tell us which way it will go in at least the short term. The COMPQ is also 2.2% below it’s 200dma, which I have been saying is an important resistance level. If the index can’t get above this level it will be hard to get anything going on the upside. Jerry