---
title: Stock Market Summary Friday August 3rd 2012
description: "Yesterday's market action was neutral. 
 The Nasdaq Composite bearishly reversed for a fourth straight day taking the US tech index down a further 0"
image: https://www.isaco.co.uk/hs-fs/file-17876541-png/images/stock_market_summary-resized.png
---

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# Stock Market Summary Friday August 3rd 2012

Posted by [Stephen Sutherland](https://www.isaco.co.uk/blog/author/stephen-sutherland) on Fri, Aug 03, 2012 @ 11:10 AM

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![describe the image](https://www.isaco.co.uk/hs-fs/file-17876541-png/images/stock_market_summary-resized.png?width=209&height=144&name=stock_market_summary-resized.png)

Yesterday's market action was neutral.

The Nasdaq Composite bearishly reversed for a fourth straight day taking the US tech index down a further 0.4%. Volume increased and was above average [(Point A).](https://www.isaco.co.uk/media/august03_001_dmu_june_12.png)

More selling on heavy volume will have weakened the market however institutional investors did step in to support the index as it approached its 50 day moving average [(Point B). ](https://www.isaco.co.uk/media/august03_002_dmu_june_12.png)This should be seen as constructive behavior.

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. With the markets best stocks outperforming the general indices for a second day in a row, it tells me that the four days of selling may be coming to an end.

For the last four weeks, the Nasdaq has been trading in a sideways corridor. The low of the corridor is 2837 and the high 2988 [(Point C). ](https://www.isaco.co.uk/media/august03_003_dmu_june_12.png)If it can stay above the low of 2837, which I believe it will, I'll be happy. If it breaches this low it may mean the correction is going to last longer than expected.

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