Leaders Index 12-23

The market was up all day yesterday and rallied into the close to finish at the highs of the day. Volume was light as you would expect in pre holiday trading, but this rally attempt is starting to take on a wedging look. Leading stocks performed a bit better than the major averages as the leaders index rose 1.4%, also on very light volume. There have been a limited number of quality stocks breaking out of bases, but they are few and far between and even those breaking out are not advancing much. The SPX closed above it's 200dma but the rest of the major averages are below it. This resistance level must be clearly breached for this rally attempt to produce any worth while gains. I hope everyone has a good holiday and enjoy the three day weekend. Jerry