Stock Market Summary Saturday June 23rd 2012

Posted by Stephen Sutherland on Sat, Jun 23, 2012 @ 11:48 AM
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Yesterday's market action was neutral.

The Nasdaq Composite gained 1.2% (Point A), clawing back half of the losses experienced on Thursday's big down day. Today I'm ignoring analysis of volume levels because they were skewed and inflated due to index rebalancing.

The S&P 600 also won back half the losses sustained Thursday. The support at its 200 day moving average (Point B) that I mentioned yesterday was confirmed in Friday's session.

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

My short-term stance remains neutral. To confirm the market is making progress since it bottomed 1st June, I'd ideally like to see the Nasdaq next week break back above its 50 day moving average (Point C) on above average volume.


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Topics: Stock Market Summary