Stock Market Summary Tuesday 28th August 2012

Posted by Chris Elmes on Tue, Aug 28, 2012 @ 09:36 AM
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Yesterday's market action was neutral.

The Nasdaq Composite gained 0.11% in below average volume (Point A).

Leading stocks action was negative. A greater number of leaders were falling in heavy volume compared to those that were rising in heavy volume. When you see this happen on a market up day, it is classed as a bearish divergence.

Yesterday's behavior wasn't perfect, especially with leading stocks acting iffy. However the action did help the Nasdaq to continue to work on the handle it started to build on the 20th August (Point B).

From here it could continue to work on its handle and shuffle sideways but with the handle now being over one week old, it means we may soon see the Nasdaq make another attempt to break through the resistance at 3085 (Point C). For now, things continue to look good.

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Topics: Stock Market Summary