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Thread: Leaders Index 9-20-18

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    Leaders Index 9-20-18

    After a flat session yesterday for the major averages and a strong sell off for leading stocks the market rallied today. After opening higher the major averages worked their way up for the rest of the day. The Nasd averages were the strongest with the COMPQ and the NDX gaining .98% and 1.05% respectively. The SPX rallied .78%. All the major averages closed near their intraday trading highs, a sign of strength. Volume was higher across the board which is what you want to see on a rally day. Leading stocks were a disappointment as they lagged the overall market. The leaders index was higher by .31% and closed just above the middle of its trading range. Volume was lower, not what you want to see as quality growth stocks struggle to regain recent losses. The major averages acted well today. The SPX and the Dow made new all-time highs on higher volume, just what we were looking for. The problem now is that quality growth stocks are acting poorly. There have been two days this week were leading stocks have suffered serious losses and to days where they rallied with less vigor. The leaders index is beginning to live under its important 17dma and the relative strength line of the index is approaching its 50dma. We must see some real strength in leading stocks and hopefully see them regain new high ground before we can get to positive on the market. Jerry
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