All indices are lower with DJ30 struggling and flopping to the 50 day MA. SP500 touched down at that level as well, but then rebounded decently, up 10 points off the low (off around 20, so down 30 at the low).
NASDAQ and SOX are down as well but both are off the lows that showed 20 day EMA tests and rebounds to recoup some losses. RUTX showing a decent bounce off a 50 day MA test. SP400 not so good, touching the 200 day MA on the low then bouncing -- just some.
SP500 -18.84, -0.76%
NASDAQ -60.16, -0.93%
DJ30 -227.84, -1.04%
SP500 -1.11%
RUTX -1.01%
SOX -1.44%
North Korea getting the blame and many are saying this selloff is the start of the selling. Just as the last 1, 2, 3, 4, and so on were the start of the selling. It could be; NASDAQ made it near the last high just before this session.
That said, many stocks are holding well, and rebounding well off the tests, e.g. NFLX, FB, AMZN, TTWO, YY. GOOG is a bit problematic and disappointing.
Volume looks to be running higher toward the close, indicating some distribution. With NASDAQ, SOX, RUTX and some good 'names' holding well, we are inclined to let the positions ride through this session that is the first one to deal with the new NKorea news.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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