Leaders Index 4-10-19

The market continued to work its way higher today in a constructive fashion. The major averages opened higher and continued to rally most of the session. Late strength saw all the major averages close at or very near their intraday trading highs. The greatest strength was in the Nasd averages with the COMPQ and the NDX gaining .69% and .57% respectively. The SPX was higher by .35%. The small caps showed strength as the RUT was higher by 1.40% as it continues to bounce around its 200dma. Volume was mixed, slightly higher on the New York and a bit lower on the Nasd. Leading stocks did well today with the leaders index gaining 1.73% and closing high in its trading range. It is now back above all its short term moving average support levels and the relative strength line of the index is moving further above its 50dma. The market continued to work its way higher as the major averages approach their old highs. The COMPQ will have to clear the 8000 level and these round numbers tend to provide some resistance. The old highs will be barriers and the market will likely trade just below these levels as the market makes a bit of a base before they try to break above the old highs. Right now the picture look positive and the odds favor the market successfully breaking above these price levels. Jerry