Stock Market Summary Thursday 6th September 2012

Posted by Stephen Sutherland on Thu, Sep 06, 2012 @ 12:29 PM
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Yesterday's market action was positive.

The Nasdaq Composite pulled back 0.19% in below average volume (Point A).

When volume is below average, it means institutional were sitting on their hands and reluctant to sell stock. Yesterday's pullback was therefore healthy, normal and natural.

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

The Nasdaq continues to work on the handle it started to build on the 20th August (Point B). This handle is now over two weeks in duration.

The good news is the longer the handle takes to complete the more explosive the breakout can be when it occurs (Point C).

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Topics: Stock Market Summary