Stock Market Summary Friday 5th October 2012

Posted by Stephen Sutherland on Fri, Oct 05, 2012 @ 11:01 AM
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Yesterday's market action was neutral.

The Nasdaq Composite added 0.45% on below average volume (Point A) helping the US technology index chalk up 3 consecutive days of gains (Point B).

When I look at a chart of the Nasdaq, I notice that since the 2nd of August (Point C), it has bullishly remained above its 50 day moving average line. 

This tells you that over the last 8 weeks, institutional investors have been using this key technical line as a point to load up on stock. My belief is that they have probably been 'secretly' loading up again over this recent two week period.

Leading stocks action was neutral.

My focus still remains on the Nasdaq's next major task which is to break back above, and stay above 3200 (Point D).

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Topics: Stock Market Summary