Stock Market Summary Tuesday July 17th 2012

Posted by Stephen Sutherland on Tue, Jul 17, 2012 @ 11:41 AM
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Yesterday's market action was positive.

The Nasdaq Composite dropped 0.4% and even though volume did increase slightly technically giving us a mild distribution day it still came in below average indicating a reluctance to sell from institutional investors (Point A).

Russia and global materials outperformed, India underperformed.

Leading stocks action was positive. A greater number of leaders were rising in heavy volume compared to those that were falling in heavy volume. When you see this happen on a market down day, it is classed as a bullish divergence.

The market continues to act well. My opinion remains that from these levels, the market is more likely to head higher than lower.

I expect the Nasdaq Composite to make another attempt at breaking back through the tough resistance area of 3000 (Point B), sometime in the next few weeks.

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Topics: Stock Market Summary