Market Alert - Last Hour

Going nowhere slowly, the indices hold modest gains for the most part. An afternoon recovery helped but SP500 is still struggling below resistance.

SP500 7.54, 0.31%
NASDAQ 1.26, 0.02%
DJ30 61.91, 0.28%
SP400 0.57%
RUTX 0.43%
SOX -0.44%

In short, little change. That leaves SP500 showing a doji below the 2017 trendline and the 50 day MA's. But, a late move higher may break it higher as SP400 is moving through the 200 day MA while RUTX is trying to get through.

NASDAQ, DJ30, SOX are all just fine in their patterns. Just fine, buy still not moving.

Draghi warned of the same excesses that led to crisis and the ongoing recovery malaise. Yellen was seen as mostly dovish for what that is worth.

Stocks sold in the morning, recovered to the last hour, now turning sharply lower late with SP500 leading the way back down.

There is little other news. Durables orders were better, particularly business investment.

GOOG is refunding advertising money for phony traffic. You know this had to happen. Many companies you talk to now have had doubts about the efficacy of FB and GOOG ads, and this kind of news only solidifies their distaste for them.

So, holding the line but just holding the line. The Cohn 'tax reform will happen' bump in the morning is now just an attempt at hanging on.






Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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