Stock Market Summary Tuesday August 14th 2012

Posted by Stephen Sutherland on Tue, Aug 14, 2012 @ 10:28 AM
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Yesterday's market action was positive.

The Nasdaq Composite edged up 0.05% in below average volume (Point A).

On the surface, it looked like the indexes didn't really do much, however the Nasdaq for the fourth time in the last five days bullishly found 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 attempting to complete the pattern with a handle (Point D).

Technically good handles are at least a week in length and tend to slope downwards. Trade tends to dry up as they work on the handle and they often have a shakeout just before they attempt to breakout into new high ground.

This one is now over a week old and trade has dried up but it has not yet started to slope downwards nor have we seen any signs of a final shakeout. This tells me it probably needs to do more work before it finally makes its move.

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Topics: Stock Market Summary