Stock Market Summary Wednesday 12th September 2012

Posted by Stephen Sutherland on Wed, Sep 12, 2012 @ 10:06 AM
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Yesterday's market action was positive.

The Nasdaq Composite gained 0.02% in above average volume (Point A).

Even though the Nasdaq didn't really do that much, it was good to see it finding support for a second day running at its cup with handle breakout point (Point B).

The S&P 600 continues its winning streak, ending the session at a new 52 week high (Point C).

Leading stocks action was positive.

Ideally from this point I would like to see the Nasdaq gathering its strength for another attempt at breaking through and then staying above the 3134 level (Point D). The good news is every time this level is hit it does weaken it.

If on the other hand the Nasdaq does take a breather from these levels I would like to see the previous resistance at 3085 becoming support (Point E).

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Topics: Stock Market Summary