Stock Market Summary Friday June 29th 2012

Posted by Stephen Sutherland on Fri, Jun 29, 2012 @ 11:33 AM
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Yesterday's market action was positive.

The Nasdaq Composite dropped 0.9% on above average volume. This behaviour would normally indicate that institutional investors were selling; however the Nasdaq did bullishly reverse off its intraday lows and closed the day almost at its high (Point A).

It was a positive sign to see institutional investors supporting the Nasdaq as it closed in on the 2800 level (Point B).

It was also constructive to see the S&P 600 finding support as it approached its 200 day moving average (Point C). This is an area were the big players tend to buy or add to their previous positions.

India and global materials outperformed. Russia underperformed.

Leading stocks action was mixed.

My short-term stance remains neutral. As I mentioned yesterday to confirm the market is making progress since bottoming at the beginning of June, I'd ideally like to see the Nasdaq break back above its 50 day moving average (Point D) on above average volume. 


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Topics: Stock Market Summary