Stock Market Summary Thursday August 16th 2012

Posted by Stephen Sutherland on Thu, Aug 16, 2012 @ 11:36 AM
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Yesterday's market action was positive.

The Nasdaq Composite edged up 0.5% in below average volume (Point A).

It's too early to say but the market may be attempting to make its next move higher. On Monday the Nasdaq hit a ceiling at 3034 (Point B) and so it will be interesting to see if it can break through this level today.

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

The market could be attempting to break out of its handle (Point C) however yesterday's volume levels were a little on the low side for a breakout attempt (Point D). Therefore it would not surprise me if the Nasdaq needs to rest a little longer and continue shuffling sideways before it makes its next move higher.

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Topics: Stock Market Summary