Yesterday's market action was neutral.
Friday was more difficult to read due to options expiration. On the third Friday of every month, option contracts expire causing inflated trading volumes. On these days we focus purely on price rather than price and volume.
The Nasdaq fell 0.24% chalking up its third down day in a row. That's normally not a good sign, however it appears to be consolidating and possibly finding institutional support at the 3000 level.
India, Russia and industrial materials all outperformed for a second day in a row. Leading stocks action was neutral.
In summary for the last nine days, the market has shuffled sideways. Over the last fortnight the bulls and bears have been fighting it out for control of market direction. With the latest action coming from leading stocks and sectors, my take is that once the consolidation is complete, the market has a greater chance of moving higher.
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