Yesterday's market action was neutral.
For a second day in a row, the Nasdaq found support at 2900. Once again the tech heavy index bullishly reversed its downtrend during the session but still managed to end the day with a small loss.
It's now tested 2900 three times since the 6th of March and the more times an index or stock tests a price point which proves to be successful, the price area strengthens in terms of support. This means for now 2900 appears to be a solid floor for the Nasdaq and for now an ideal point for institutional investors to load up on stock.
The S&P 600 also has plenty of support just below where its currently trading.
The global materials sector, India and Russia all underperformed. Leading stocks behavior was neutral.
Even though the market is weak, it looks like we may have found a floor just below where we are currently trading. As I mentioned yesterday, what is happening right now is perfectly normal and natural. Correction periods always pass and as long as you have faith and patience you'll be fine.
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