Stock Market Summary Friday 24th August 2012

Posted by Chris Elmes on Fri, Aug 24, 2012 @ 01:05 PM
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Yesterday's market action was negative.

The Nasdaq Composite dropped 0.66% in below average volume (Point A).

Even though volume was tame indicating a healthy pullback, the price behavior was not what I was expecting after the previous days bullish action. Thursday's 'out of character' behavior has prompted me to shift my short-term stance back to neutral.

Leading stocks action was positive.

It's now looking more likely that the Nasdaq will probably come down and test its recent breakout point at 3034 (Point B) and possibly test its next point of support at 3000 (Point C).

To shift me back to a bullish short-term stance, the Nasdaq would have to rise today and make back yesterday's losses, helping it to continue building what appeared to be the start of a bullish handle (Point D).

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Topics: Stock Market Summary