Well, the NYSE indices have again touched the 50 day EMA and have again failed. SP400 has broken below the September lows to join RUTX. NASDAQ has broken the 50 day SMA, still over the 50 day EMA.
The high was on the open. Since that time the indices have sold down. Will see what kind of rebound they produce off of the past 25 minutes of straight downside and look at using that on some upside positions that are struggling.
Of course the bigger issue is how SP500, DJ30 and NASDAQ can hold, but they are the only ones left as RUTX and SP400 are already at lower lows.
SP500 -5.42, -0.25%
NASDAQ -9.75, -0.19%
DJ30 -35.78, -0.20%
SP400 -0.72%
RUTX -0.13%
SOX +0.46%
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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