Market Alert - Last Hour

Gap higher, a bit more upside, then the indices have worked laterally the balance of the session. Sellers tried to move in mid-afternoon but bids pushed the indices back to the top of the session range. Worries of a trade war with China hold nothing to NY Fed President Dudley stating that investors' are unreasonable to think the Fed will trim its balance sheet in September and that Dudley only sees one more 2017 hike if the data remains as it is.

Ah, the Fed hard at work again to keep the rallies going. I don't recall hearing much of ANYTHING from any Fed members before this selloff. Now Dudley has to make sure a bounce holds.

The bounce is holding. SP500, NASDAQ, SOX are holding over the 50 day MA. RUTX has a nice bounce off the 200 day MA.

So far so good but a lot of stocks gapped to doji below resistance, e.g. GOOG, AMZN. Others such as DATA, BITA, FB look nice.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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