Leaders Index 4-5-19

The market put in another solid performance yesterday. After opening higher the major averages held those gains for the rest of the session. The Nasd averages were a bit stronger with the COMPQ and the NDX higher by .59% and .51% respectively. The SPX rallied .46%. All the major averages closed at or very near their intraday trading highs, a sign of support. Volume was very close to Thursday’s level. IBD says it was a little higher and Esignal had it a bit lower, take your pick. Leading stocks were higher as well with the leaders index gaining .61% on the day. The index just below the midpoint of its trading range, not as strong as the overall market. It held above all its short term moving average support levels and volume was lower and below average. The market continued to act well as it is clearly making a run for the all-time highs it set late last year. All the major averages are within a few percent of these levels and there is little resistance left on the charts that would get in the way. The small cap stocks were strong yesterday as the RUT gained .96% and broke above its 200dma. We should know pretty soon which way things are going as the major averages are so close to the old highs. If they clear those highs with conviction then we could see a fairly good run from there. If not we have likely seen the highs for this cycle. Jerry