Stock Market Summary Friday 12th October 2012

Posted by Stephen Sutherland on Fri, Oct 12, 2012 @ 10:27 AM
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Yesterday's market action was neutral.

The Nasdaq Composite fell 0.08% in below average trade (Point A).

The Nasdaq started out with gusto but that was short lived as it soon reversed course and headed lower, when this happens its known as a bearish reversal.

Even though it was the fifth straight down day, the behavior tells me that whoever 'needed' to sell probably has.

It also tells me that there appears to be support at the current levels we are trading at (Point B).

Leading stocks action was neutral.

I'm still expecting to see significant support arrive soon and should the market fall further, I'd like to see a lot of aggressive buying between 3000 and 3040 (Point C).


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Topics: Stock Market Summary