Leaders Index 9-24-18

The market started out weak and it looked like it would be another negative session. The Nasd averages outperformed for a change and bottomed out in the first ten minutes, The New York averages bottomed later and had a weaker rebound. The Nasd averages made their way back to positive territory with the COMPQ and the NDX higher by .08% and .23% respectively. The SPX was lower by .35%. The Nasd averages closed at their highs of the day and bounced off their respective 50dma’s. The New York averages closed in the upper half of their trading ranges. Volume was lower across the board, as you would expect after an expiration Friday. Leading stocks had a fairly positive session with the leaders index gaining .92% on the day. The index closed near the top of its trading range, a sign of support. Volume was lower, as would be expected, but was still below average. The index remains below its short term 9dma and 17dma. The Nasd averages outperformed today after lagging in recent action. They eliminated early losses and closed strong. Quality growth stocks did better today and were generally positive, but lacked the amount of pressure they displayed on the downside last week. The leaders index remains below its short term moving averages, and must break above them with some volume behind them to really improve the picture. Jerry