Leaders Index 9-2-20

The market continued its rally today. The major averages opened higher and after some early weakness, especially in the Nasd averages, found a bottom and rallied strongly into the close. The New York averages led the way today with the SPX higher by 1.54% on the session. The COMPQ and the NDX were higher by .98% and 1.04% respectively. Late buying saw all the major averages close very near their intraday trading highs. All the major averages made new all-time highs today on both a closing and an intraday basis. Volume was higher across the board. It gained 3.51% on the New York and 15.27% on the Nasd. This shows that large institutional players were buying stocks today. Leading stocks had a mixed day. The leaders index was lower today by 2.21%. The index closed high in its trading range on higher and above average volume. Several of the top performers, like TSLA and ZM, took a break today. The chart of the leaders index still looks fine. The market continued its recent strength today. All the major averages made new highs on higher volume, a good sign. Large players were clearly buying stocks today. The market is acting well and my only real concern here is that it is so extended in the short term. The COMPQ is 29.22% above its 50dma while the NDX is 32.993% above this important moving average. The market looks almost like it is stating to go into a melt up as the advances some of the major averages are starting to look vertical. I would not be surprised to see a little consolidation , but I don’t think we have seen the top yet. Jerry