Leaders Index 4-5-21

The market put in a solid rally today. The major averages opened higher and mostly worked their way up the rest of the session. The Nasd averages led the way with the COMPQ and the NDX gaining 1.67% and 2.02% respectively. The SPX was higher by 1.44%. All the major averages finished near their intraday trading highs and the New York averages made new all time highs. Volume was lower across the board. It fell 3.18% on the Nasd and 5.92% on the New York. You would prefer to see higher volume as the market rallies. Leading stocks were higher as well with the leaders index gaining 3.10% on the day. The index closed in about the middle of its trading range and cleared its short term 9dma. Volume was about unchanged and slightly below average. The rally strengthened today as all the major averages rallied and the New York averages made new highs. The Nasd averages both are now clearly above their 50dma now support levels. It would have been better if volume was higher, but that must continue for multiple trading sessions before a wedging look sets in. The new highs in the New York averages is encouraging and the fact that the SOX also made a new high is good. That along with the strength in the Nasd averages indicates that there may be some rotation back into those sectors. The picture has improved quite a bit in the last week or so and it looks like the market wants to go higher. Jerry