Market Alert - To the Close

Today is a day where the market tries to bounce from the selling. Unfortunately, the selling continued through the morning, and the recovery this afternoon has the indices showing doji as they rebound off the lows. The lows for NASDAQ and SOX held over the 50 day MA's and they have rebounded. For SP500, DJ30, SP400 they held over nearer support, e.g. the 10 day EMA, and have rebounded as well.

So far not bad, but the question is whether they are continuation doji (to the downside) or a shift in the downside momentum. That they are over the 50 day EMA is a decent indication, using that to rebound.

We picked up some of the upside positions but are waiting to see how this bounce attempt plays out in regard for more positions.

MXL, VECO are below the 50 day MA and struggling some. Need to see them bounce more at the close.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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