Yesterday's market action was positive.
The Nasdaq Composite gained 1.21% in above average trade helping the US tech index get back above its 50 day moving average (Point A).
With trading volume coming in above average this indicates institutional buying. That's positive because when institutional investors buy it strengthens the market.
Leading stocks action was positive.
The institutional support that I'd been expecting arrived yesterday. Ideally from here I'd like the Nasdaq to remain above its 50 day moving average (Point B) and for this upside momentum to continue.
Yesterday's bullish behavior has convinced me to switch my short-term stance to bullish.
Please note past performance should not be used as a guide to future performance, which is not guaranteed. Investing in 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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