Yesterday's market action was positive.
The Nasdaq Composite gained 1.39% in above average volume (Point A) indicating that institutional investors were buying.
Yesterday I said: ''Although the Nasdaq did end the day in the red and broke below its cup-with-handle breakout point around 3100 hopefully we will see it today getting back above this level.''
Technically the US tech index acted perfectly and did exactly that, once again ending the day above its breakout point (Point B).
Leading stocks action was mixed.
Ideally from this point I would like to see the Nasdaq gathering its strength for another attempt at breaking through and then staying above the 3200 level (Point C).
If on the other hand the Nasdaq does pullback from these levels I would like to see the 3100 level holding. Indicating this previous resistance has once again become support (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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