Leaders Index 7-2-19

The market traded in a pretty quiet fashion today pre-holiday but there was a somewhat positive bias. The major averages traded little changed most of the day until some late strength saw them finish at the top of their intraday trading ranges. The COMPQ and the NDX gained .22% and .41% respectively. The SPX rallied .29%. Volume was lower across the board, as you would expect as we are getting close to the 4th. The trading sessions the rest of the week will likely have light volume. Leading stocks were generally mildly higher. I dropped NSSC from the leaders index because of yesterday’s large drop and replaced it with TAL. The index was higher by .21%, about in line with the overall market. It is above its 17dma and right on the 9dma. The chart of the leaders index might be forming a little cup pattern. The index closed high in its trading range on very low volume. The market was somewhat positive today. The late buying drove the major averages to their intraday highs, which is good. We will probably see light volume tomorrow and Friday due to the holiday. The New York averages made new closing highs today. The Nasd averages are just a small amount below new highs. It looks like there has been some accumulation under the surface in the last couple of days that got better today. A rumor of positive news on the trade front may have caused some of the late buying so it is still a news driven market. The rally is still intact and the weight of the evidence points to higher prices, in at least the short term. Jerry