The market had a strong session today. The major averages opened higher on ceasefire news in the middle east. They then spent the rest of the day working their way up, finishing high in their intraday trading ranges. The COMPQ and the NDX gained 1.43% and 1.53% respectively. The SPX rallied 1.11%. Volume was lower across the board. Leading stocks were higher as well. The leaders index gained 1.05% on the day. The index closed high in its trading range on higher but below average volume. This was a new high for the leaders index. The market had a good session today on news of a ceasefire between Israel and Iran. The major averages opened strong and ended strong, an encouraging sign. Volume was lower, but it was close. All the major averages broke above the consolidations they have been in for a few weeks. If the V bottoms were a little more rounded they would look like pretty decent cup and handle breakouts. The markets made major progress today with this price move. All the major averages are now very close to their all time highs. A break above the old highs would signal higher prices. The Summation Index turned up today and while the As minus Es is still headed down it is slowing. The action today was very positive. Higher volume would have been better, but it was still encouraging. The next step is for the major averages to break above their old highs. They will provide resistance, but I think they will be overcome. Jerry
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