Leaders Index 4-26-21

The market put in a solid rally today. The major averages opened a little higher but then diverged a bit. The Nasd averages continued higher most of the day and closed near the top of their intraday trading ranges. The New York averages lagged and finished about in the middle of their trading ranges. The COMPQ and the NDX gained .87% and .61% respectively. The SPX was higher by .18%. Volume was higher across the board. It gained 5.85% on the New York and 3.96% on the Nasd. This is encouraging as prices rise. Leading stocks had a good day as well with the leaders index gaining 1.69% on the day. The index closed in the upper half of its trading range on lower volume. The index made a new high on both a closing and an intraday basis. The action of the market today was positive. The COMPQ made a new closing high, but not an intraday high. The SPX and the MID made new highs as well. There was an interesting development in the Nasd averages today. I said in my presentation on Saturday that the COMPQ was forming one of two chart patterns. It was looking like a cup and handle so a breakout from its handle, especially on higher volume, would be positive. If it broke down it would put in a double top, which would be negative. The NDX had a similar pattern except the it had a high handle. Today the COMPQ broke above its handle area on higher volume. This is encouraging. The strength in the leaders index and its move into new high ground also bodes well. There will be several important earnings reports this week and they will affect the market, but it looks like we will see higher prices in at least the short term. Jerry