Yesterday's market action was positive.
The Nasdaq Composite gained 0.32% in above average volume (Point A) indicating that institutional investors were buying.
Technically the US tech index acted perfectly, bullishly reversing after finding support for a third day running at its cup with handle breakout point (Point B).
Leading stocks action was positive.
Like I stated yesterday 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 C). This would then put an end to this most recent correction.
If on the other hand the Nasdaq does pullback from these levels I would like to see the 3085 level holding (Point D). Indicating this previous 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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