Stock Market Summary Thursday 30th August 2012

Posted by Stephen Sutherland on Thu, Aug 30, 2012 @ 11:34 AM
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Yesterday's market action was positive.

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

I've noticed that over the last four days, the S&P 600 has outperformed the general market helping its relative strength line (RS) to point upwards (Point B). This is a bullish signal because small caps tend to lead in upwards trending markets.

Leading stocks action was positive.

The Nasdaq continues to work on the handle it started to build on the 20th August (Point C). From here it will probably do one of two things. The first is to carry on working on its handle and shuffle sideways.

The second is a breakout attempt. This would involve attempting to break through the resistance at 3085 (Point D).

For now, things continue to look good.

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Topics: Stock Market Summary