Leaders Index 11-22-22

The market staged a solid rally today. The major averages opened higher and mostly worked their way up the rest of the day. All the major averages finished near their intraday trading highs. The gains were pretty evenly divided with the COMPQ and the NDX rallying 1.38% and 1.48% respectively. The SPX was higher by 1.36%. Volume was mixed. It fell 4.89% on the New York and rose 3.83% on the Nasd. Leading stocks were strong as well with the leaders index higher by 2.49% on the session. The index closed near the top of its trading range on higher and well above average volume. This is a new closing high for the index. The market had a strong session today after recent lackluster action. The major averages opened higher and built on those gains all day. The New York averages are leading right now and the NYA broke above its 200dma today. The rest of the major averages remain below this important resistance level and it will likely prove difficult to overcome. Today’s action was positive and while this remains a weak rally overall it is still in effect. Market internals were good and leading stocks, while not lighting any fires are moving higher. I will be taking the rest of the week off so the updates will resume on Monday. I hope everyone has a good Thanksgiving. Jerry