Leaders Index 6-2-20

The market put in another positive session today. After a small rally early selling came in and the major averages went into negative territory. They found a bottom and rallied into the close. In the last fifteen minutes buying came in and all the major averages finished at their intraday trading highs. The New York averages were a bit stronger today as the SPX gained .82%. The COMPQ and the NDX gained .58% and .61% respectively. Volume was higher across the board. It gained 1.62% on the Nasd and 9.34% on the New York. This shows that large institutional players were buying stocks today. Leading stocks lagged today with the leaders index up only .04% on the session. The index did close high in its trading range and volume was higher but still below average. The action of the market was again positive today. The major averages showed late strength and closed at their highs. Strong closes show that the market wants to go higher. Quality growth stocks were higher today but lagged the overall market. The chart of the leaders index looks solid and it made modest new highs today. The Nasd averages are close to their old highs, which would likely provide significant resistance. The New York averages have a little farther to go and so may have some more short term upside. The picture looks positive right now and the run for the old highs is on track. Jerry