Stock Market Summary Tuesday 21st August 2012

Posted by Chris Elmes on Tue, Aug 21, 2012 @ 05:27 PM
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Yesterday's market action was positive.

The Nasdaq Composite dropped 0.01% in below average volume (Point A).

This behavior should be seen as constructive, especially with the Nasdaq recently breaking out (Point B).

Leading stocks action was neutral.

Even though the Nasdaq's next job is to break through resistance at 3085 (Point C) followed by task 2, breaking through resistance at 3134 (Point D),I'd still be happy to see it hold at these levels and possibly build another handle before eventually proceeding higher.

What I don't want to see, especially this week, is a heavy sell off by institutional investors. Heavy selling just after a breakout makes the breakout more prone to failure. The good news is that from how the market is currently acting, the breakout should prove successful.

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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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Topics: Stock Market Summary