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Thread: Leaders Index 1-17-18

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    Leaders Index 1-17-18

    The market staged a strong rally today as it reversed yesterday’s reversal. After opening higher the major averages spent most of the rest of the session rising and they all reached new closing highs, seemingly ignoring the possibility of a government shutdown. They all closed at their intraday trading highs. The COMPQ closed higher by 1.03% while the SPX rallied .94%. All the secondary averages were higher as well with the greatest strength being in the semiconductor stocks, as the SOX was higher by 2.89%. Volume was lower across the board, not exactly what you want to see when prices rally strongly and major averages set new highs. Leading stocks were higher as well with the leaders index gaining 1.01% on the day. The index closed high in its trading range and right on the short term 9dma. The index has a bit higher to go to overcome the highs of yesterday’s reversal day and doing so would be a very positive. Volume on the leaders index was lower than yesterday, mirroring the overall market. Yesterday’s reversal looked bad and I thought it would lead to at least some short term consolidating action. Buying came in today and the market regained the ground it had early yesterday. This is positive action, although it would have been better to see it on higher volume. The leaders index is lagging a little and needs to overcome the highs it saw on yesterday’s candle to really signal that it is all clear ahead, at least in the short term. The market clearly wants to go higher, but it is getting a bit extended from its short term moving averages and it would not be surprising to see some consolidating soon. Jerry
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