The stock market is lower again but it is also bouncing nicely in the past 35 minutes, basically a last hour bounce. Well, more than that. An intraday double bottom set up off the midmorning low then the midafternoon low.
SP500 -4.71, -0.23%
NASDAQ -6.83, -0.14%
DJ30 -65.12, -0.37%
SP400 -0.31%
RUTX -0.32%
SOX flat
NASDAQ 100 flat
The indices are showing doji over support. Lots of stocks are showing doji that tapped support on the low. Not all, but a lot. After 4 days downside and with the FOMC meeting tomorrow there are some good reversals off of support. Perhaps this triggers an oversold bounce, but it will need to have Fed placation to really get going.
Indeed, some very strange odds from the Fed Funds Futures contracts shows the odds of a cut are higher than the odds of a hike. Go figure.
Stocks are trying to run to positive. NASDAQ 100 and SOX are there but barely. It would be a positive for the bullish side for a positive close. It remains to be seen if the surge over the past half hour or so can hold on. If so, great. If not, not so good for the upside.
Bonds have sold some (1.62% versus 1.58% earlier in the session), falling as stocks rebound to recover some lost ground.
Oil remains lower (48.53, -0.55). Gold is up modestly: 1288.40, +1.50.
We have many positions showing doji off of support and we are inclined, after a four day decline, to take them off at support. There are some that are not performing even with the bounce.
Not a bad attempt at a finish but we will see if it can really finish.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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