The market is definitely in rebound mode, riding the stronger than expected jobs report upside. With the Fed hiking, stronger economic data is a good thing in the mindset of markets.
SP500 has bounced back through the 50 day MA's. NASDAQ is just below the 50 day SMA. SOX is at the 50 day EMA, still below the 50 day SMA. SP400 has surged back through the 50 day after crashing through hard Thursday.
The question today is staying power. Chips are up of course with our downside plays bumping at stop points. Upside plays are bouncing around entry points as well. Holding the moves is the question, and on a Friday that is boosted by happy jobs thoughts, the fog of the bounce is even thicker.
We will see how they hold up through the afternoon session, and if some of the upside hold solid moves and show good volume, we can start moving into some of those. Same for the downside: if the stocks hold the moves on strong volume, they could continue next week. Will see how they react to their resistance today. Being Friday and as back and forth as the action has been, if they don't break resistance they could easily drop right back down Monday.
SP500 13.81, -0.57%
NASDAQ 59.29, 0.97%
DJ30 85.16, 0.40%
SP400 0.83%
RUTX 0.80%
SOX 1.63%
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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