Leaders Index 11-29-16

The market was generally stronger today, recovering some of yesterday’s decline. After a little early weakness the major averages rallied for most of the rest of the session. Some late selling saw the major averages finish off their intraday trading highs. The COMPQ closed with a gain of .21% while the SPX rallied .13%. The Nasd averages closed in the lower half of their trading ranges while the New york averages finished in about the middle of their ranges. Volume was higher across the board. This is what you want to see on a rally day but the late selling was enough to cause a stalling day on the COMPQ. Leading stocks were higher as well with the leaders index higher by .10%. The index closed in the lower half of its trading range and at its lows was below the short term 9dma. The index closed above this moving average, but by just a little. After a strong advance in the last three weeks the index looks like it is beginning to consolidate those gains. The nearest support is the short term 9dma with the 17dma below that. The action of the overall market and the leaders index continued to be positive. The charts look good and some sort of pullback or at least consolidation is pretty normal. We are in a seasonally positive period and the market may well work its way higher through the end of the year. Jerry