Stock Market Summary Friday 21st September 2012

Posted by Stephen Sutherland on Fri, Sep 21, 2012 @ 10:00 AM
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Yesterday's market action was positive.

The Nasdaq Composite dropped 0.21% in above average volume (Point A).

This behaviour would normally indicate that institutional investors were selling; however the Nasdaq did bullishly reverse off its intraday lows and closed the day almost at its high. This is positive and shows reluctance from the big players to let the Nasdaq drop much further.

At the moment it appears that each time the market is pulling back the weak hands are unloading but the big players are doing the exact opposite and using the pullback as a perfect time to load up on stock.

Leading stocks action was positive. Although a large percentage of stocks dropped the vast majority bullishly reversed off their intraday lows or key moving averages.

From this point I would like to see the Nasdaq gathering its strength and having another go at hitting new high ground and also clearing the 3200 level (Point B).

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Topics: Stock Market Summary