Leaders Index 7-3-19

The market opened strong and rallied for the rest of the shortened session. The major averages closed at or near their intraday trading highs, a good sign. The COMPQ and the NDX gained .75% and .74% respectively. The SPX rallied .77%. Volume was much lower as you would expect in a half session before a long holiday weekend. Leading stocks had a good day as well with the leaders index higher by 1.29%. The index closed high in its trading range and is above all its short term moving averages. Volume was almost nonexistent. The market staged a strong rally in a short session. When there is a thin session like today market moves can be distorted by the thin volume. The price gains were good and all the major averages made new closing highs. Friday may have the same issue, but the action today was positive. The real test will come next week when everyone is back. Anyway the markets are at new highs and this is what we have wanted to see to give more life to the current rally. There will be no update on Friday as I am taking a long holiday weekend. I hope everyone has a good 4th. Jerry