Yesterday's market action was positive.
The Nasdaq Composite gained 0.89% in far above average volume (Point A).
Trade levels increased from the previous day's decent levels indicating institutional investors were aggressively buying stock for a second consecutive day, injecting further strength back into the market.
Leading stocks action was positive.
The last two day's behaviour confirmed the market's underlying strength. Like I stated yesterday, with no resistance above we should see the markets fly; the sky really is now the limit.
Last week we saw the Nasdaq breaking out of its cup with handle pattern, this week we saw it adding to its gains and taking out its March high of 3134. With this key level now broken the correction is officially over. From this point if it does pullback I would like to see the previous resistance becoming support (Point B).
The S&P 600 also acted well, the March high on the 600 was at 472 and similarly to the Nasdaq if it does pullback from this point I would like to see this key level holding and becoming support (Point C).
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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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