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Thread: Leaders Index 2-19-19

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    Leaders Index 2-19-19

    The market staged a strong rally on Friday and mostly held it with small gains today. After opening al little lower the major averages rallied for most of the rest of the session before some late selling saw them finish off their highs. All the major averages closed in the upper half of their intraday trading ranges. The COMPQ and the NDX were higher by .19% and .16% respectively. The SPX gained .15%. Volume was lower across the board, want you want to see as prices consolidate recent gains. Leading stocks were moderately higher as well with the leaders index rallying .81% and closing in the upper half of its trading range. Volume was higher and just below average. With Friday’s advance and today’s small build on it the market seems to be pricing in a trade deal with China. The Nasd averages joined the New York averages in breaking above their respective 200dma’s, so now all the major averages are above this now support level. This is now an important support level and will give us a big warning sign if it is breached to the downside. The leaders index is taking a break as it is consolidating a recent advance and really has been for a week and a half. It is holding above its short term 9dma and 17dma and the action is positive. The market looks like it wants to go higher and breaking important resistance at the 200dma’s of the major averages. These now are close below the current prices and are close in support. The current rally is still on solid ground and I would expect the market to work its way higher in at least the short term. Jerry
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