Stock Market Summary Wednesday 3rd October 2012

Posted by Stephen Sutherland on Wed, Oct 03, 2012 @ 10:22 AM
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Yesterday's market action was neutral.

The Nasdaq Composite added 0.21%. on below average volume (Point A).

For now the Nasdaq appears to have strong support at its recent breakout point of 3100 (Point B). If it does dip below this key price point, I'll want to see institutional investors buying at the 50 day moving average (Point C).

Leading stocks action was neutral.

Over the last three days, the market has shuffled sideways (Point D). This means the market is consolidating and waiting for its next move which could be a move higher or a break lower.

Let's remind ourselves the market has recently experienced several days of distribution and is presently in a weaker state. However it's been acting extremely well around its recent breakout point. Even though my stance is neutral in the short-term, my money would be on the next move out of this consolidation being upwards (Point E).

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Topics: Stock Market Summary