Leaders Index 5-27-20

There were no updates for the last couple of days due to computer problems I have been having. Outlook stopped working and after days of my tech fixing one thing only to apparently break something else we seem to have gotten Outlook working ok late yesterday. Good news, only today I found that I can’t print. If anyone knows a good computer tech in L A let me know. The market has been acting pretty well the last few days. Today the major averages opened mixed. There was weakness in the Nasd averages and some strength in the New York averages. They both quickly turned down and sold off to some meaningful losses. A little more than an hour into trading they found a bottom and rallied for the remainder of the session. All the major averages finished at their intraday trading highs, a sign of support. The New York averages were stronger than the Nasd averages due to some weakness in big cap tech stocks. The SPX gained 1.48% and the COMPQ and the NDX were higher by .77% and .55% respectively. Volume was higher across the board, which shows that large institutional players were buying stocks today. Volume increased by 12.12% on the New York and 1.54% on the Nasd. Leading stocks have been lagging for a bit and were down a fair amount early. They rallied along with the overall market and regained the losses. The leaders index was higher by .43% on the day and closed high in its trading range. It held its important 17dma but closed below the short term 9dma. Volume was higher and above average. The market had a positive reversal today after early losses turned into decent gains. The major averages are acting well. The SPX tried to break above its 200dma yesterday and failed. Today it overcame this moving average and the 3000 level on higher volume. This shows real accumulation. Leading stocks have been lagging a bit lately as can be seen in the relative strength line of the leaders index. It is declining and heading toward its 50dma. Stocks that have led the rally have pulled back a bit but little real damage has been done and there is accumulation under the surface. That could change if the relative strength line of the leaders index breaks its 50dma. The SPX overcame important resistance today on volume and the Nasd averages continue to rally. It looks like the market will make a run for its old highs. Jerry