Yesterday's market action was positive.
The Nasdaq Composite dropped 1% in trade below average indicating mild institutional selling (Point A).
In the last ten minutes, the US tech index hit 2891, touched its 50 day moving average (Point B) and suddenly institutional investors stepped in and started buying, helping it close the day back above the 2900 level (Point C).
This was interesting to see because it was only yesterday that I said: ''If the Nasdaq does pullback further from this point I would ideally like to see it finding support at its 50 day moving average.''
India outperformed, Russia and global materials underperformed.
Leading stocks action was negative.
I'd be very surprised if the market went down any more from here. I think over the last three days its pulled back enough to shake out the weak hands and with it having a lot of support where it is currently trading, it will probably start heading back higher.
Please note past performance should not be used as a guide to future performance, which is not guaranteed. Investing in the Funds should be considered a long-term investment. The value of the investment can go down as well as up and there is no guarantee that you will get back the amount you originally invested.
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