Leaders Index 7-12-18

The market put in a strong rally session today. After opening higher the major averages rallied for the entire day. All the major averages finished at their intraday trading highs, showing there was buying through the entire session. The Nasd averages led the way with the large cap tech stocks showing strength. The COMPQ and the NDX gaining 1.39% and 1.69% respectively. The SPX was higher by .87%. Volume was mixed, higher on the Nasd and slightly lower on the New York. Leading stocks had a good day as well with the leaders index rallying 1.37% and closing near its highs of the day. The index bounced nicely off its short term 9dma and 17dma support levels. Volume on the index was higher, a good sign as prices rallied. Today was a very positive session. The Nasd averages made new all time highs on higher volume. This shows that large institutional players were buying quality growth stocks. The market shrugged off the yesterday’s selling on news of added trade issues. This is encouraging and hints at higher prices ahead. Jerry