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.
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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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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