Market Alert - Afternoon Session

At the start of the afternoon session SPY is trying to bounce off a double bottom set up from 11:30ET to 12:50ET. This is the setup to try and put together an afternoon bounce. It is just coming off that second low so nothing is set.

SP500 -21.54, -0.91%
NASDAQ -75.92, -1.29%
DJ30 -179.81, -0.86%
SP400 -1.62%
RUTX -2.13%
SOX -1.86%

As for SPY, it has plummeted through the 20 day MA, half way to the 50 day MA. NASDAQ and DJ30 have just cracked the 20 day MA. SP500 is below the lows from 2 weeks back, RUTX is at those lows.

SOX is back to the 10 day EMA.

All drops are significant as noted above. We now see if there is any meaningful attempt to rally off the intraday double bottom. It will take a significant buy on the dip to do that, and we may end up using it to exit assuming it does make the move higher.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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