Yesterday's market action was positive.
The Nasdaq Composite gained 0.21% in below average volume which is behavior that would not excite most investors. However, when you look at the bigger picture, the bullish reversal and tight close action (Point A) was an excellent response to the previous days bearish reversal.
This positive behavior has prompted me to shift my short-term stance back to bullish.
Leading stocks action was positive.
The Nasdaq appears to be building another handle which is bullish behaviour (Point B). When it is good and ready, it will make its next attempt at breaking back above the resistance at 3085 (Point C) and 3134 (Point D).
I believe that the catalyst for initiating the markets next leg upwards will probably be the Nasdaq 100 successfully breaking above, and staying above 2800 (Point E). With the 100 holding the index leaders badge, when it does eventually break through, the rest of the market will most probably follow.
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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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