Stock Market Summary Saturday 1st September 2012

Posted by Stephen Sutherland on Sat, Sep 01, 2012 @ 10:50 AM
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Yesterday's market action was positive.

The Nasdaq Composite gained 0.6% on increasing volume (Point A). Although trade remained below average it was a constructive day that consisted of mild institutional buying.

Leading stocks action was positive.

The Nasdaq continues to work on the handle it started to build on the 20th August (Point B). From the way it acted yesterday there is a higher probability it will have another stab at trying to break though its former resistance at 3085 (Point C) sometime next week.

For now, things continue to look good.

Although the Nasdaq Composite did finish the week slightly in the red, its handle does look text book perfect (Point D), especially with the way the volume has been drying up as the handle has been built (Point E).

It was a similar picture with the S&P 600 it also has built a cup-with-handle pattern (Point F). With volume drying up on the handle just like on the Nasdaq it also appears picture perfect (Point G).

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Topics: Stock Market Summary