Leaders Index 9-27-18

The market had an overall positive session today, although there were some negative aspects. The major averages opened higher and rallied to solid gains. The Nasd averages were up more than one percent during the session. Late selling cut the gains, but there was still a nice gain. The COMPQ and the NDX rallied by .65% and .88% while the SPX was higher by .28%. All the major averages finished low in their intraday trading ranges and volume was lower across the board. Leading stocks were higher as well and also finished off their highs. The leaders index lagged a bit today as it gained .33%. The index closed in about the middle of its trading range and volume was higher. The index also is sitting right on its 17dma still resistance level. The market looked very strong for about the first half of the session, then selling came in and the major averages worked their way lower for the rest of the session. The fact that the major averages all closed so low in their trading ranges is a sign that there were sellers coming in as prices rose. The low volume is also not what you want to see when the market moves higher. There are two things I am looking for right now. The leaders index is still stuck just below its important 17dma. It should break convincingly above this moving average, hopefully with strong volume. There should also be strength in the major averages that continues into the close. Late selling is not a good sign. We will have to see what happens, but the odds still favor higher prices, in at least the short term. Jerry