Stock Market Summary Wednesday July 4th 2012

Posted by Stephen Sutherland on Wed, Jul 04, 2012 @ 10:54 AM
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Yesterday's market action was positive.

It was a shortened session that ended at 1 p.m. ET making analysis of volume behavior difficult. Therefore today I will focus purely on yesterday's price action.

The Nasdaq Composite gained 0.8% helping it notch up three straight days of gains (Points A).

The S&P 600 did better than the Nasdaq for a second day in a row adding 1.2%, helping it to push through the 450 price point, an area of strong resistance (Point B).

Russia, India and global materials outperformed.

Leading stocks action was positive.

The market continues to act well however, the market is now at a point where it could face some strong headwinds. For example, after yesterday's gains, the Nasdaq is now much closer to the 3000 level, an area of major resistance (Point C) which may take some time to break through.

Today the market is closed for Independence Day.


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Topics: Stock Market Summary