Leaders Index 3-3-23

The market rallied nicely in the last couple of days. The major averages opened higher yesterday and mostly worked their way up the rest of the session. All the major averages finished high in their intraday trading ranges. The Nasd averages were the strongest with the COMPQ and the NDX gaining 1.97% and 2.04% respectively. The SPX rallied 1.61%. Volume was lower across the board, showing that large institutional players were not heavy buyers yesterday. Leading stocks were higher as well with the leaders index gaining 1.61% on the day. The index closed high in its trading range on lower and below average volume. This was a new closing high for the leaders index. The market acted better in the last couple of days after weakness in most of February. There were two days of solid price gains, but the lower volume is a cause for some concern. That could change with a couple of up days on higher volume. The market seems to be pricing in higher than previously expected interest rates and may be mostly done with that process. The overall picture is looking better. I said previously that the monthly Coppock gave a buy signal in the INDU and the NYA. These were negated after the selling in February as the indicator turned back down in February. This is only the second time in the over 100 years of data I have on this indicator that this has happened. The SPX and the COMPQ have not signaled yet and they are the two most important major averages. I probably should have waited for them to signal before I called a monthly Coppock buy signal. That cost me some money. The good news is that if the INDU, SPX and COMPQ close the month at current levels all the major averages will give signals. This would be very positive. The market seems like it is not ready to begin a strong move yet, but that will likely change if signals are given on all the major averages at the end of the month. The bottoming process is still in place and barring a sell off this month the market looks like the it is getting ready for some solid upside action. Jerry