Leaders Index 2-9-22

[Jerry Samet]

The market put in a strong session today. The major averages gapped higher at the open and mostly worked their way higher the rest of the session. All the major averages finished close to their intraday trading highs. The Nasd averages were the strongest with the COMPQ and the NDX gaining 2.08% and 2.10% respectively on strength in tech stocks. The SPX gained 1.45%. Volume was higher across the board. It gained 5.11% on the New York and 11.59% on the New York. Leading stocks were higher as well with the leaders index gaining 1.73% on the day. The index closed high in its trading range on lower and below average volume. The market put in a solid session today and built on recent gains. The major averages opened higher and were strong throughout the day and closed near their highs. This is a sign of strength. The number of attractive opportunities is still weak, but improving a bit. The New York averages are showing more strength as they are overcoming their important moving average resistance better than the Nasd averages. The INDU and the NYA have moved above their 50dma’s and 200dma’s. The SPX remains below its 50dma. The Nasd averages have not done as well. An interesting thing to watch on the charts of the New York averages is that all have potential head and shoulders patterns. It this rally fails to break above the old highs and turns down those patterns will be complete. Tomorrow before the CPI report will come out. That will set the tone, at least early. Jerry