Leaders Index 1-23-18

The market staged another good session today. After opening higher the major averages worked their way up for the rest of the day. The Nasd averages led the way again with the COMPQ and the NDX higher by .71% and .83% respectively. The SPX had a gain of .22%. All the major averages closed the session at their intraday trading highs, a sign that buying persisted throughout the day. Volume was very close on the Nasd, but Esignal shows it slightly lower but still above average. Volume on the New York was lower and below average. Leading stocks rallied nicely as well with the leaders index gaining .78% on volume that was much higher than yesterday and one of the highest on the chart. The index closed in the upper half of its trading range and made a new high today on both a closing and an intraday basis, joining the major averages in making new highs. The rally continued today and both the major averages and quality growth stocks are acting very well. The charts of the major averages are starting to look extended as they are getting further above their important moving averages. It would be expected and even good for them to take a rest and allow their moving averages to catch up, but for right now the market seems to be hitting on all cylinders and the long side is the place to be. Jerry