Yesterday's market action was neutral.
The Nasdaq Composite dropped for a third straight day taking the US tech index down a further 0.77%. Although volume did decrease from the previous days it still came in above average (Point A).
More selling on heavy volume will have weakened the market, however institutional investors did step in to support the index after the initial early morning sell off, pushing it well off its intraday lows.
Leading stocks action was positive. Even though a few leaders dropped on heavy volume most bullishly reversed off their intraday lows or key moving averages.
Although the Nasdaq did end the day in the red and broke below its cup-with-handle breakout point around 3100 (Point B), hopefully we will see it today getting back above this level. On the other hand if it does drop further its 50 day moving average should offer good 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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