Watching all day from the gap lower that was bought at the 50 day MA for NASDAQ and SOX. SP500, SP400 touched the 20 day EMA and have bounced. DJ30 the 10 day. This is not bad action. It is not definitive in terms of a new upside, but it is interesting that NASDAQ and SOX have double tapped the 50 day MA this week and found some purchase.
SP500 -6.55, -0.27%
NASDAQ -33.05, -0.53%
DJ30 -26.20, -0.12%
SP400 -0.61%
RUTX -0.66%
SOX -0.88%
If you look at positions, most started lower as did the indices, but have put in very respectable recoveries in their patterns. Some are dogging it, e.g. ATW, EXP, SCHN -- the stocks that looked to be getting rotation but have stumbled.
Picked up some XXII as it jumps upside. Looked at some downside but with the recoveries off support we waited.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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