Leaders Index 8-21-20

The market had a bit of a mixed session yesterday, but with a positive bias. The major averages opened lower but quickly found a bottom and rallied for pretty much the remainder of the session. All the major averages finished at or very near the top of their intraday trading ranges. The Nasd averages led the way with the COMPQ and NDX gaining .42% and .68% . The SPX was higher by .34%. Volume was mixed. It was higher by 5.42% on the New York and lower by 8.22% on the Nasd. Leading stocks were lower on the day with the leaders index falling .79% on the day. The index closed high in its trading range and right on its 17dma. It is below its 9dma again. The rally appears to be on track. All the major averages made new highs on Friday. The Nasd averages continue to be the strongest and are clearly rallying into new high ground. The SPX made a new high on both a closing and an intraday basis. It is however only slightly above its old highs while the Nasd averages are climbing strongly. Leading stocks are struggling as the leaders index has been unable to rally into new high territory. It sold off on high volume and produced a distribution day in quality growth stocks. The only real negative right now is the fact that leading stocks are lagging the overall market. This can continue for a while but if it goes on to long it will become a problem. Right now the overall picture is still positive, and we should see higher prices ahead. Jerry