Stock Market Summary Friday 28th September 2012

Posted by Stephen Sutherland on Fri, Sep 28, 2012 @ 09:52 AM
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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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Topics: Stock Market Summary