Yesterday's market action was positive.
After bearishly reversing on Friday, the Nasdaq Composite gained 0.6% in below average volume (Point A).
Below average volume on a day the market moves higher normally indicates a reluctance to buy from institutional investors. However the lack of trade was probably because many investors were sat on the sidelines awaiting the outcome of an election that's expected to be close.
What was good to see was the Nasdaq once again bullishly finding support at its 200 day moving average (Point B).
Leading stocks action was positive.
I was pleased with Monday's reaction to Friday's sell off. It wasn't perfect but it was definitely a step in the right direction. The way the market behaves over the next few days is key. For now I remain neutral in the short-term.
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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