Stock Market Summary Wednesday 5th September 2012

Posted by Stephen Sutherland on Wed, Sep 05, 2012 @ 10:34 AM
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Yesterday's market action was positive.

The Nasdaq Composite edged up 0.26% on increased volume indicating mild professional accumulation (Point A).

Intraday the Nasdaq did pullback but found solid support around the 3040 level, an area it has bounced off twice before over the last two weeks (Points B).

It was good to see the S&P 600 pulling out all the stops and stomping higher. Since the beginning of August this index has been trouncing the performance of the S&P 500. This can be clearly be seen by its steadily rising RS line (Point C).

Leading stocks action was positive.

The Nasdaq continues to work on the handle it started to build on the 20th August. After yesterday's session the US tech index now stands just 10 points below its former resistance of 3085. Ideally from here it should have another go at trying to push through sometime this week (Point D). For now, things continue to look good.

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Topics: Stock Market Summary