Leaders Index 7-10-18

The market held its ground pretty well today after its recent advance. After opening higher the major averages sold off a bit before rallying back toward the close. All the major averages closed high in their intraday trading ranges, a good sign. The New York averages were the strongest today with the SPX higher by .35% while the COMPQ was up by just .04%. Volume was mixed. Lower on the Nasd and just a bit higher on the New York. Leading stocks were mixed to slightly lower with the leaders index declining .76% and closing in the lower half of its trading range. It remains above all its short term moving average support levels. Volume on the index was lower and well below average. This shows that there was not a lot of selling pressure in quality growth stocks. Today’s action was fairly constructive overall. The market held on to recent gains with the major averages closing on some strength. The leaders index gave back a little and Nasd averages lagged as big cap tech stocks were a little weak today. The market looks like it still wants to rally and today’s action didn’t change the overall positive picture. Jerry