Leaders Index 4-14-25

The market had another volatile session today. The major averages opened with large gains. The major averages then sold off and all the gains were lost. They rallied again and finished with solid gains but still in the lower half of their intraday trading ranges. The COMPQ and the NDX gained .64% and .57% respectively. The SPX rallied .79%. Volume was mixed, higher on the NASD and lower on the New York. Leading stocks were higher as well with the leaders index gaining .23%. The index closed in the lower half of its trading range on lower and below average volume. The market opened strong today after hopes of some tariff relief over the weekend. The major averages lost those gains before rallying again late. The major averages came close to follow through territory but lost it in the last half hour. We may well get a follow through in the next few days. It looks like the second down leg of the bear market is over and we are getting into a countertrend rally. The last one was very weak, but there are signs this one could be better. There could be a follow through soon and that would help, but there are other things also. The weekly Coppock is still going down but the rate of decline is slowing. If the market continues to rally it could turn around in the next week or two. There was a Eureka signal last week so that could also confirm a follow through. The %Es are to high to confirm. Also the Summation Index turned higher today and the As minus Es are close to turning. On the other side the SPX and the NDX joined the COMPQ in having death crosses today. Earnings so far have been pretty good so that may help. There is a much better chance that this countertrend rally could turn into a tradable rally than the last one. We have a lot more earnings reports coming out and who knows what will happen with tariffs, but it looks a little better now, at least short term. Jerry