Stock Market Summary Thursday 27th September 2012

Posted by Stephen Sutherland on Thu, Sep 27, 2012 @ 12:11 PM
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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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Topics: Stock Market Summary