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View Full Version : Leaders Index 5-19-17



Jerry Samet
05-20-2017, 11:47 AM
The market continued to recover from the selloff last Wednesday. The major averages rallied from the open and mover higher most of the session. Late weakness saw the major averages close off their intraday trading highs, but they finished with solid gains. The COMPQ finished with a gain of .47% while the SPX was higher by .68%. The semiconductor sector was strongest with the SOX gaining 1.09%. The Nasd averages closed low in their trading range due to the late weakness while the New York averages closed about mid-range to the upper half of their trading ranges. Volume was lower on the Nasd. IBD had volume also lower on the New York, but Esignal showed it clearly higher. Leading stocks were higher as well with the leaders index gaining .88% on the session. The index, mirroring the Nasd averages, closed low in its trading range. The index recovered its 17dma, which is good, and is now just below its short term 9dma. The relative strength line of the index continued to recover. Volume on the leaders index was lower but still above average. The index has rallied for two days now on lower volume. It was still above average on both days, but it would be encouraging to see the index rally on higher volume. The market continued to rally after the decline last Wednesday. The New York averages overcame their 50dma’s and the leaders index rallied over its 17dma. These are positive developments. The market needs to keep rallying, preferably with some real conviction, meaning higher volume and closing high in the intraday trading range. Quality growth stocks seem to be recovering pretty well, but if the positive action of the last two days doesn’t continue next week we could see further weakness. Jerry