Stock Market Summary Wednesday 29th August 2012

Posted by Chris Elmes on Wed, Aug 29, 2012 @ 09:53 AM
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Yesterday's market action was positive.

The Nasdaq Composite edged up 0.13% in below average volume (Point A).

Leading stocks action was positive. I've noticed over the last week or so that that there has been a large number of leaders breaking out of bullish consolidation patterns.

This should be seen as extremely constructive action. When the markets best stocks start bursting into new high ground, the rest of the market usually follows which means an upwards move could be imminent.

The Nasdaq continues to work on the handle it started to build on the 20th August (Point B).

From here it could carry on working 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