Stock Market Summary Saturday May 26th 2012

Posted by Stephen Sutherland on Sat, May 26, 2012 @ 11:35 AM
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Yesterday's market action was neutral.

It was pretty much a flat day on the markets. The Nasdaq Composite dropped 0.1%. Volumes were tame due to the markets being closed on Monday.

India outperformed, Russia and global materials underperformed. Leading stocks behavior was neutral. 

The Nasdaq and S&P 600 have institutional support at their 200 day moving averages, helping the markets this week to stabilise, consolidate and lower market volatility.  My take still remains that after the consolidation period is complete,  the next trend will most probably be upwards.

It's also worth noting that Tuesday is day six of an attempted rally attempt and if we see a follow through sometime next week, it would help confirm that a bottom has most probably been found. With follow throughs, we ideally like to see a 1.7% gain on either the Nasdaq Composite or S&P 600 in increased volume.

The markets will be closed Monday in observance of Memorial Day.


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Topics: Stock Market Summary