Leaders Index 11-26-18

After last week’s weakness the market staged a nice rally today. The major averages opened with solid gains and after some weakness rallied into the close. All the major averages finished at or very near their intraday trading highs, a sign of support. The Nasd averages were the strongest with a rebound in tech stocks. The COMPQ and the NDX were higher by 2.06% and 2.31% respectively. The SPX rallied 1.55%. Volume was higher across the board as you would expect after a holiday half session. It was however below averages on both exchanges. Leading stocks were higher as well with the leaders index gaining 2.87% and closing near the top of its trading range. Volume was higher but still below average. The market sold off hard recently and we were certainly due for a bounce. Today’s action was generally positive as the major averages and the leaders index posted solid price gains. The volume level was a bit muted as it was well below average. Market internals were also not as strong as you would expect to see with the level of price gains we saw today. Overall it will take a lot more positive action to change the picture and trend of the market appears to still be down. Jerry