Leaders Index 9-15-15

The market had a solid rally today with the major averages opening higher and rallying the rest of the session. All the major averages finished high in their intraday trading ranges an volume was slightly higher across the board but still below average. The COMPQ rose 1.14% while the SPX gained 1.28%. Leading stocks had a good session as well with the leaders index gaining .99% on higher and above average volume. There was a new high on a price basis but the relative strength line was down a little. The new leaders index is acting well and there were a few breakouts today, but they weren’t the best looking breakouts ever. I have been saying that a real line in the sand was the 200dma on the COMPQ. It is now 1.1% below this important resistance level. If it can get above this level with some conviction it would improve the picture. For now caution is still the watchword. Jerry