Leaders Index 1-22-24

The market mostly held on to recent gains today. The major averages opened higher but lost a good deal of the early gains before the close. They closed with modest gains and low in their intraday trading ranges. The COMPQ and the NDX gained .32% and .09% respectively. The SPX rose .22%. Volume was lower across the board, according to ToS. IBD had it higher on the New York. Leading stocks continued to work their way higher with the leaders index gaining .51% on the day. The index closed in the upper half of its trading range on lower but below average volume. The market did fairly well today overall. The market held the gains of last week and built on them a bit. If would have been better if the major averages had held the greater early gains and not closed low in their trading ranges, but you can’t have everything. The two short term indicators I look at most, the Summation Index and the A’s minus E’s are turning up at the moment and that is positive for the shorter term. The rally looks like it is on solid ground and we should see higher prices before it is over. Jerry