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Thread: Leaders Index 8-21-19

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    Leaders Index 8-21-19

    The market staged a solid rally today. The major averages gapped higher at the open after some good earnings reports from the retail sector seemed to reduce the fears of a recession. They made their highs in the first half hour and held the gains for the rest of the session. The major averages finished just above the mid points of their intraday trading ranges. The gains were again fairly evenly distributed. The COMPQ and the NDX gained .90% each while the SPX rallied .82%. Volume was a little clouded. According to Esignal it was higher across the board, but just by a hair. It was higher by .27% on the New York and .64% on the Nasd. These numbers are so small that different data feeds could produce different results. I am going to stick with Esignal and say it was a touch higher. Leading stocks were strong as well with the leaders index gaining 1.36% on the session. The index made a new high on both a closing and an intraday basis. The relative strength line of the index also is in new high ground. Volume was higher but still below average. The market acted pretty well today. Good earnings reports from some large retail companies eased fears of economic weakness and the market took a more risk on character. The price gains were good and the volume was at least fractionally higher. This is positive action and improves the overall picture somewhat. Quality growth stocks are acting better as can be seen in the chart of the leaders index. The major averages have yet to overcome their 50dma resistance levels, but they are getting close. A break above these important moving averages on volume would signal likely positive action ahead. The market is acting pretty crazy lately and could move in either direction based on a news story, so a good deal of caution is still a good idea. Jerry
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