Leaders Index 3-18-19

The market put in a mildly positive session today. The major averages opened higher and after losing those gains midsession a late rally saw them regain much of the decline. The gains were pretty evenly spread out with the COMPQ and the NDX higher by .34% and .26% respectively. The SPX rallied .37%. All the major averages finished high in their intraday trading ranges, a good sign. Volume was lower across the board, just what you would expect after an expiration day. Leading stocks rallied as well with the leaders index gaining .41% on the day. The index made a new high on both a closing and an intraday basis and closed in the upper half of its trading range. Volume was lower as well and below average. The market continued to work its way higher today and posted moderate gains. All the major averages made new highs for the move, but are still below their all-time highs made late last year. There is accumulation under the surface as the two short term indicators I look at have improved in the last few days. The Summation Index has turned higher while the A’s minus E’s are close. The rally that began the trading session after Christmas continues on track. It looked like it was in trouble after the major averages lost their 200dma’s and the leaders index fell below its 17dma. Those moving averages have now been regained and we have to watch and see if the major averages can get back to their old highs. Jerry