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Thread: Leaders Index 9-4-19

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    Leaders Index 9-4-19

    The market staged a good rally today on news of easing tensions in Hong Kong. The major averages gapped higher at the open and worked their way up for most of the session. All the major averages finished at or very near the top of their intraday trading ranges, showing that there was buying pressure throughout the day. The Nasd averages were a little stronger with the COMPQ and the NDX higher by 1.30% and 1.44% respectively. The SPX rallied 1.08%. Volume was again the problem. It was lower across the board, falling by 2.65% on the Nasd and 6.45% on the New York. This continues the pattern of declines on higher volume and rallied on lower volume, not a healthy sign. Leading stocks generally had a good session with the leaders index gaining 1.76% on the day. It closed high in its trading range and volume was much higher and well above average. This showed buying interest in quality growth stocks. The market continued its news driven volatility today with better news out of Hong Kong. The problem is that it could easily be reversed tomorrow. There are some encouraging signs under the surface, like some accumulation in the overall market. At this point it really comes down to one simple thing. Both the COMPQ and the SPX are within one percent of their 50dma resistance levels. If they can break above this resistance with volume they could go higher and maybe even challenge the recent highs in July. If they can’t the best we can expect is a sideways market. Jerry
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