Yesterday's market action was positive.
The Nasdaq Composite bullishly reversed and ended the day edging up 0.10% in above average trade, helping the US tech index stay above its 50 day moving average (Point A).
Leading stocks action was positive.
The institutional support that I'd been expecting has clearly arrived over the last three trading days. That's positive because when institutional investors buy it strengthens the market.
The market has been correcting for just over four weeks (Point B) however the three consecutive days of gains in a row (Point C) that we've just had could mean the mini-correction is over and a new uptrend has begun.
Ideally from here I'd like the Nasdaq to remain above its 50 day moving average (Point D) and for this upside momentum to continue.
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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