Yesterday's market action was positive.
The Nasdaq Composite edged up 0.2% making back the previous days small loss. Volume came in just below average (Point A).
Even though the indexes didn't really do that much for a second day in a row, it was good to see the Nasdaq managing to stay above the 3000 price level (Point B).
Leading stocks action was positive.
It is still too early to say but the last two days of behavior may have been the start of the Nasdaq building a handle. If this turns out to be true, it would mean moving sideways for a while.
As I pointed out yesterday, the US tech index has now completed a cup formation (Point C) and may now be ready to complete the pattern with a handle (Point D). On the other hand, it may surprise everybody and keep on moving higher and if it did this latest correction would soon be over (Point E).
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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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