Leaders Index 2-28-19

[Jerry Samet]

The market again traded in a fairly tight range today with a slightly negative tilt. The major averages opened a little higher and then bounced around until some late selling came in. The COMPQ and the SPX declined .29% respectively .28% respectively. The NDX fell .27%. All the major averages finished near the bottom of their intraday trading ranges as selling came in late. Volume was a bit higher across the board. This was enough to produce fresh distribution days on all the major averages. Leading stocks were mixed to a bit higher with the leaders index gaining .67% on the day. Much of the gain was accounted for by HZNP which had a buyable gap up and rallied 32.77% on very heavy volume. Either way it was a solid session for quality growth stocks and the leaders index made new highs on both a closing and an intraday basis. The relative strength line of the index is also making new highs. The market had another overall quiet session today. There were modest declines on slightly higher volume. The charts of the major averages still look pretty good. The New York averages are pulling back to their short term 10dma’s while the Nasd averages are remaining above the200dma now support levels they recently regained. The distribution count is still not at worrisome levels but if there is much more that will change. A couple of more short term items that I look at have flattened out. The A’s minus E’s and the Summation Index are flat after recent gains. It is too early to make too much of this but it bears close watching. Right now the short term trend appears to still be up. Jerry