Stock Market Summary Saturday August 11th 2012

Posted by Stephen Sutherland on Sat, Aug 11, 2012 @ 12:15 PM
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Yesterday's market action was positive.

The Nasdaq Composite edged up 0.1% in below average volume (Point A).

Even though the indexes didn't really do that much for a third day in a row, it was good to see the Nasdaq for the second time in the last three days finding support at the 3000 price level (Point B).

Leading stocks action was positive.

The US tech index has now completed a cup formation (Point C) and appears to 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).

It was the ninth up week for the Nasdaq in the last ten clearly indicating the market is back in an uptrend (Point F).

The 600 is not as strong as the Nasdaq, however it is still behaving well and looks like it may attempt to break out of a cup-with-handle formation (Point G).

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Topics: Stock Market Summary