Leaders Index 7-22-20

The market had a fairly quiet session today with a slightly positive bias. After bouncing around the unchanged level or slightly above it the major averages saw some buying in the last hour or so and they all closed high in their intraday trading ranges. It was the turn of the New York averages to lead today with the SPX gaining .57% on the session. The COMPQ and the NDX were higher by .24% and .35% respectively. Volume was lower across the board. It fell 6.13% on the New York and 23.48% on the Nasd. Leading stocks were higher as well with the leaders index gaining .89% on the day. It closed in about the middle of its trading range on higher and about average volume. The market showed a slight upward bias today and finished with modest gains. There was late strength and all the major averages closed high in their trading range. This is a sign of support and is encouraging. The charts of the leaders index and the major averages are looking good and all are holding near their highs. They appear to be taking a bit of a rest after their recent advance. The shorter term indicators that I look at, the Summation Index and the A’s minus E’s, are acting strong. This usually portends higher stock prices in the near term. Quality growth stocks are acting well as can be seen in the chart of the leaders index. Right now the overall picture still looks positive and we should see higher prices after we break above the short consolidation we are in. Jerry