Leaders Index 9-25-18

The market put in another mixed session today. The Nasd averages again outperformed the New York averages. After opening slightly higher the Nasd averages were slightly higher the rest of the day and finished close to their highs of the day. The New York averages lost ground and closed near their lows of the day. The COMPQ and the NDX were higher by .18% and .19% respectively. The SPX declined .13%. Volume was lower across the board. Leading stocks had a strong performance with the leaders index rallying 1.04% and closing near the highs of its trading range. The index is sitting right on its important 17dma resistance level. Volume was lower and below average. Higher volume on the price advance would have been preferable. The market continues to struggle a bit, but the charts of the major averages look ok. The Nasd averages are acting better again, a lot of which is due to stronger performance in tech stocks. The real positive we have seem in the last couple of days is the better action in quality growth stocks. Today in particular there was encouraging action in many attractive stocks. SQ and PLNT showed particularly strong results. At this point the best thing we could see would be for the leaders index to break above the 17dma resistance level and move into new high ground with conviction. Jerry