Leaders Index 5-23-18

The market staged a positive reversal today. The major averages opened lower and it looked like there would be a negative session. The day’s lows were made early and the market started to work its way higher. The Fed minutes were well received and the major averages started to rally into the close. All the major averages finished at their intraday trading highs, a good development. The Nasd averages led the way with the big cap tech the strongest. The COMPQ gained .64% while the NDX was higher by .87%. The SPX gained .32%. Volume was higher on the Nasd and very close on the New York. This is also good. Leading stocks were higher as well with the leaders index gaining .60% on the day. The index remains above its short term 9dma support level and it closed in the upper half of its trading range. Volume on the index was slightly lower than yesterday and below average. Today’s reversal was a very good sign for the rally. This type of action can lead to higher prices in the days and weeks ahead. The fact that volume pretty much confirmed the price action is also positive. The market seems to want to go higher, in at least the short term. Jerry