Yesterday's market action was positive.
The Nasdaq Composite remained almost flat pulling back just 0.03% on above average volume (Point A).
Even though the indexes didn't really do that much, it was good to see the Nasdaq bullishly reversing off its intraday lows and closing the day almost at its high.
For the second day running it was good to see the Nasdaq 100 trouncing the performance of the benchmark S&P 500 and ending the day in the black after bullishly reversing off its lows (Point B). This can clearly be seen by its steadily rising RS line (Point C).
Leading stocks action was mixed. With a few leaders stalling we may see the market taking a bit of a breather at these levels and shuffling sideways for a while.
If on the other had it does pullback further I would like to see the big players back in buying mode as the 3134 level comes into view on the Nasdaq (Point D).
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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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