Yesterday's market action was positive.
When looking at the price and volume behaviour of the main indexes, you could say the day was pretty uneventful. After pulling back at the open the Nasdaq ended the day unchanged (Point A).
Volume levels came in on the tame side (Point B) but this could have been due to Wednesday being the 4th of July.
On a positive note, although the S&P 600 did pull back slightly intraday it was good to see it refusing to be pushed below the 450 level (Point C). Hopefully if it does pullback again this level will once again provide support.
Russia, India and global materials underperformed.
Leading stocks action was mixed.
After yesterday's action it is looking more likely the markets could take a breather at these levels or pullback slightly before heading higher. As I keep mentioning the 3000 level (Point D) is just above were the Nasdaq is currently trading and it does appear to be stalling as it approaches this area.
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