Stocks have rebounded and some are putting in some decent enough moves, others holding where they need to (e.g. GS with a doji at the 50 day MA). That said, it is just a bounce.
SP500 5.43, 0.22%
NASDAQ 41.89, 0.68%
DJ30 37.39, 0.17%
SP400 0.20%
RUTX 0.15%
SOX 0.61%
SP500 and NASDAQ both bounced but both are still below the 50 day MA. SOX ditto, and it is significantly below that level. The SP400 midcaps gapped lower near the 200 day MA and rebounded to a gain. RUTX is showing a doji just over the 200 day MA. DJ30 showing a tight doji just over the 20 day MA.
All have bounced or are holding support. DJ30, RUTX, SP400 in position to bounce. SP500, NASDAQ still are at serious resistance even after the day's bounce.
As it is Friday after a sharp drop, this bounce is no reason to initiate new upside. With the kind of loss if the upside shows it can continue, there will be time to buy. AAPL is holding the 10 day EMA, and if all is well next week, it can be bought along with perhaps adding some positions to FB and company.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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