Leaders Index 3-31-23

The market put in a solid accumulation day yesterday. The major averages opened higher and worked their way up pretty much the rest of the day, all closing with solid gains and near the highs of their intraday trading ranges. The Nasd averages were the strongest with the COMPQ and the NDX gaining 1.74% and 1.68% respectively. The SPX rallied 1.44%. Volume was higher across the board, showing that large institutional players were buying stocks yesterday. Leading stocks also did well as there were several attractive breakouts. The leaders index gained 1.90% on the day and made a new high on both a closing and an intraday basis. The index closed high in its trading range on higher but below average volume. Yesterday’s action was encouraging. The major averages made good price gains on higher volume. That is the type of accumulation action that you want to see. Some leading stocks are starting to produce some good gains and there are new breakouts coming in on a fairly regular basis. More inflation news came out yesterday and the numbers were less than expected. The signs of moderating inflation are growing. Yesterday was the last trading day of the month and there were monthly Coppock buy signals on all the major averages. The market is bouncing around a bit like it did in 2002 and 2003 after a signal but a strong bull market began shortly thereafter. I am not sure that the market is quite ready to start a major move higher just yet, but I believe we are close to that time. I will be away next week , the updates will resume next Monday. I hope everyone has a good Easter holiday. Jerry