Stock Market Summary Wednesday June 27th 2012

Posted by Stephen Sutherland on Wed, Jun 27, 2012 @ 10:48 AM
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Yesterday's market action was neutral.

The Nasdaq Composite gained 0.6% on increased volume indicating mild institutional buying (Point A) albeit trade was below average.

The S&P 600 clawed back 0.4% on increased volume helping it to get back above its 200 day moving average (Point B).

Russia, India and global materials all outperformed for the second straight day. That could be a sign things are getting better.

Leading stocks action was positive.

My short-term stance remains neutral. I was quite impressed that the markets managed to stabilize on Tuesday especially after the recent weakness. I was also encouraged to see the market finding support without it having to fall further.

As mentioned yesterday, if the market does reverse, I expect to see institutional support on the Nasdaq at 2800 (Point C) and further support at its 200 day moving average line (Point D).


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Topics: Stock Market Summary