Jerry Samet
04-15-2019, 07:31 PM
The market put in an overall positive performance today. After selling off early after some weaker than expected bank earnings reports the major averages bottomed out and spent the rest of the session rallying. All the major averages closed high in their intraday trading ranges as buying came in as prices fell. The major averages were little changed at the close with the COMPQ and the SPX declining by .10% and .06% respectively. The NDX was higher by .01% as big cap tech stocks were a little stronger. Volume was lower across the board, just what you want to see as prices are hesitating just below important resistance. Leading stocks were overall a bit stronger than the major averages. The leaders index is almost three and a half months old and many stocks were broken, even though the index is acting pretty well. I decided to create a new leaders index that would better represent the stocks that are performing best now. It consists of 21 stocks in 16 different industry groups. I have included a text file with the components of the new index. I will also continue to post the old index for a little while for comparison purposes. The leaders index was higher today and the new index is at its highs on both a price and a relative strength basis. The market acted pretty well today. Early losses were mostly wiped out by a rally later in the session and the major averages closed high in their intraday trading ranges. This continues a pattern of recent high closes. The fact that volume was lower today is also encouraging. You want to see lower volume as prices consolidate after a rally and under some important resistance. The rally is currently on solid ground and it looks like the market is setting up for an attempt at new highs. Jerry