Leaders Index 3-21-16

It was a quiet session today with the major averages having a slight upward bias. A couple of times today the major averages tried to sell off at bit, but there always seemed to be a bid underneath. The COMPQ finished with a gain of .28% while the SPX rallied .10%. Both closed high in their intraday trading ranges and volume was much lower than Friday and well below average. You would expect volume to be lower than Friday due to it being an expiration day, but it was less than any session last week. Leading stocks were higher as well with the leaders index rising .40% on lower and below average volume. The index closed in about the middle of it’s intraday range, but it was still a new closing high. The relative strength line was very slightly higher. The market seems to want to go higher. It continues to drift up on fairly light volume. The Nasd averages are knocking on the door of their 200dma’s while the New York averages continue to move higher above this important moving average. The 50dma of most of the averages has now turned up. This latest upward move was caused by central bank action around the world. All this money printing, along with rising oil prices, is causing the market to rally. How far it will go is impossible to know, but it appears the central banks still have a little ammo left. Jerry