Leaders Index 4-16-18

The market put in another solid up session today. After opening higher the major averages worked their way up most of the day until a little late selling saw them finish off their highs. All the major averages closed in the upper half of their intraday trading ranges, a good sign. The COMPQ ended with a gain of .70% while the SPX rallied .81%. Volume was really close on both exchanges although it appears to be a bit higher on both. The change was so small that different data feeds could show different results. Leading stocks were higher as well with the leaders underperforming slightly with a gain of .44%. The index closed in the upper half of its trading range and tagged its short term 9dma support level again but finished above it. Volume was lower and below average. The market had another good session today with solid gains and closes high in the trading ranges of the major averages. The NYA managed to overcome its 50dma today while the other major averages are close. The COMPQ is only .50% below this important resistance level. The thing to watch now is how the major averages trade at their 50 day moving averages. The NYA has gotten over this moving average and now the rest of the major averages must follow, hopefully with volume. If they can’t the rally attempt doesn’t have much farther to go. Jerry