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).
To view the funds I hold in my ISA portfolio click here
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.
Find out where an expert invests
Are you an ISA or SIPP investor with over £100,000 actively invested? Are you looking for better returns but are unsure which funds to invest in? Our personal investment service allows you to buy the same funds as our star-performing investor. You find out where he invests, keep full control of your account, enjoy a close relationship with a trusted expert, and benefit from the potential for attractive long-term returns.
To find out where an expert invests >>
To download our brochure >>
