Yesterday's market action was positive.
The Nasdaq Composite pulled back 1.03% in below average volume (Point A).
It was classic healthy behaviour. Tame trading levels indicate institutional investors were sitting on their hands and reluctant to sell stock.
Leading stocks action was positive. On a market down day an even number of leaders were rising in heavy volume compared to those that were falling in heavy volume.
Yesterday may have been a healthy pullback however it's clear that the market still has its work to do getting above and staying above the 3134 level, the high it reached at the end of March of this year (Point B).
Ideally from this point if the Nasdaq does pullback further I would like to see the big players stepping up to the mark around the 3085 level (Point C).This would indicate that this former resistance has now become support.
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Please note past performance should not be used as a guide to future performance, which is not guaranteed. Investing in the Funds should be considered a long-term investment. The value of the investment can go down as well as up and there is no guarantee that you will get back the amount you originally invested.
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