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Thread: Leaders Index 6-18-19

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    Leaders Index 6-18-19

    The market put in a solidly positive session today. The major averages opened higher after very dovish statements from the ECB and then moved higher still after the announcement that trade talks with China would resume. The major averages made their highs about an hour and a half into trading and drifted lower for the rest of the day. The Nasd averages were the strongest with the COMPQ and the NDX gaining 1.39% and 1.45% respectively. The SPX was higher by .97%. Volume was higher across the board, increasing by 17.07% on the Nasd and 24.33% on the New York. This showed that large institutional players were buying stocks today. Leading stocks rallied as well with the leaders index gaining 1.37% on the day. This was enough to break above its recent consolidation and make new highs on both a closing and an intraday basis. The relative strength line of the leaders index also made a new high and volume was higher and about average. Today’s action was positive as both the major averages and the leaders index broke above the recent consolidations they have been in. The higher volume coming in across the board shows that the institutions were buying and this could provide some legs to this rally. The Nasd averages also broke above their 50dma’s on higher volume, just what you want to see. The only negative today was the fact that the major averages closed just below the midpoint of their trading ranges. The results of the Fed meeting will be announced tomorrow and the market is clearly expecting dovish news. It seems the world central banks are looking to cut interest rates and crank up the printing presses, which would be positive for stocks. Jerry
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